Stephen C. Tirrell

Dec 4, 2023 | morganlewis.com | Jennifer Breen |Richard Zarin |Daniel Carmody |Stephen C. Tirrell

Private equity, hedge fund, and other investment fund sponsors should be aware of the recent development in the Internal Revenue Service’s (IRS’s) audit campaign with respect to potential liability for Self-Employment Contributions Act (SECA) tax on investment professionals through their limited partnership interests in fund management vehicles.

Aug 31, 2023 | lexology.com | Christine Lombardo |Christine Ayako Schleppegrell |John O’Brien |Courtney C. Nowell |Stephen C. Tirrell |Joseph Zargari | +2 more

SPLIT SEC ADOPTS NEW AND AMENDED RULES OVERHAULING PRIVATE FUND INDUSTRYThis report is provided for your convenience and does not constitute legal advice or create an attorney-client relationship. Prior results do not guarantee similar outcomes. Attorney Advertising. Links provided from outside sources are subject to expiration or change.

Aug 31, 2023 | morganlewis.com | Christine Lombardo |Christine Ayako Schleppegrell |John O'Brien |Courtney C. Nowell |Stephen C. Tirrell |Joseph Zargari | +2 more

The US Securities and Exchange Commission (SEC) on August 23 voted 3-2 to adopt new and amended rules under the Investment Advisers Act of 1940, as amended that will impose additional requirements on registered investment advisers and will restrict certain activities for all advisers to private funds, regardless of SEC registration status (Final Rules). The SEC approved the Final Rules despite strong industry objection and dissents from Commissioners Hester Peirce and Mark Uyeda.