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On May 3, the U.S. Securities and Exchange Commission (SEC) adopted significant amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.[1] The final amendments will require (1) new “quarterly event” reporting for all private equity fund advisers (PE Fund Advisers, defined as investment advisers having at least $150 million in private equity fund assets under management) regarding certain events; (2) expanded reporting for “large private equity fund advisers” (Large PE Fund Advisers, defined as investment advisers having at least $2 billion in private equity fund assets under management); and (3) new “current” reporting for “large hedge fund advisers” (Large HF Advisers, defined as investment adviser having at least $1.5 billion in hedge fund assets under management).

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Reprinted with permission from the May 4, 2023 issue of The Legal Intelligencer. © 2023 ALM Media Properties, LLC. Further duplication without permission is prohibited. All rights reserved.

A recent decision by the Bankruptcy Court for the Northern District of Texas, Northwest Senior Housing v. Intercity Investment Properties (In re Northwest Senior Housing), addressed these important issues involving the retention of a public relations firm and highlights some important pitfalls to avoid.

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On May 3, the Securities and Exchange Commission (SEC) adopted rule amendments regarding disclosures about repurchases of an issuer’s equity securities, or issuer stock buybacks. The final rule and fact sheet can be found here and here. The new rules include:

  • Disclosure by issuers of daily quantitative share repurchase information, either quarterly or semi-annually;
  • Inclusion of a checkbox indicating whether certain officers and directors traded in the relevant securities in the four business days before or after the announcement of the repurchase plan or program;
  • For each day on which a purchase was made, the number of shares repurchased and the average price, among other disclosures; and
  • Disclosures tagged using Inline XBRL.
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RICHMOND, Va. – Troutman Pepper client Burke & Herbert Financial Services Corp. (Nasdaq: BHRB), the bank holding company for Burke & Herbert Bank & Trust Company, has begun trading its common stock on the Nasdaq Capital Market® after completing a registration process with the United States Securities and Exchange Commission (SEC). Shares of the company’s common stock will continue to trade under the symbol “BHRB”, the same symbol under which the company’s securities were previously quoted on OTC Markets. Read a company press release about the listing.

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Reilly Is 3rd Partner to Join the National Practice This Year

WASHINGTON – Joseph “Joe” Reilly, an experienced attorney who advises financial services companies in a wide variety of regulatory, enforcement, and compliance matters, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He most recently practiced at Manatt, Phelps & Phillips, LLP.