交 易, 甚 至 破 坏 交 易 。 即 便 如 此, 我 们 必 须 了解, 一 份 编 制完善的私募配售备忘录可以保护您免遭监管和一般 性欺诈索赔, 此等索赔可能会导致巨额罚款, 甚至惩罚 性赔偿金 。
请注意, 在证券领域,“ 欺诈” 并不需要提供“ 意图” 证 据, 而其他领域中可能必须提供“ 意图” 证据 。 简单地 说, 当法院审查欺诈时, 基金管理层的欺诈行为是否是 有意的几乎不重要 。 关键是避免任何私募备忘录等发 售文件 中出现“ 重 要 事 实 的 不 实 陈 述” 。 基金 发 起 人 必 须逐行审查私募备忘录, 以避免文件中出现错误 。
监管环境
由于不同基金需要应对 不同风险, 可能会被计 征不同税费, 无论多么 精心设计, 没有任何一 种结构是普遍适用的 。
尽管未注册私募基金在美国未受到严格监管, 管理层 不能对基金的运营和合规风险视若无睹 。 在运营层面, 实时监控基金的投资和运营活动对于基金的成功至关 重要 。 在合规层面, 应在顾问的指导下开展营销 、 冲突 披露和费用分配 。 尽管证券交易委员会可能不会主动 监控未注册基金的活动, 但是一旦投资失败, 投资者可 能会请求原告律师或被原告律师要求对管理层提起诉 讼 。
如上所述, 在证券领域中,“ 意图” 通常并不重要, 疏忽 通常被视为欺诈受到惩罚 。 这就是为什么“ 仅仅按照标 准行事” 从来不是一个好方法 。 利益相关方必须一起审 查其策略 、 经营计划和资料以尽量减小监管违规或法 律诉讼的风险 。
By examining these phases, we may spot issues that need to be either addressed in the documents and / or discussed with clients. Often a private placement memorandum(“ PPM”) will need to be drafted to summarize the investment’ s terms and disclose risks. Sometimes PPM is statutorily required( for example Rule 502( b)( 2) of Regulation D).
Otherwise it’ s a good idea to make full and necessary disclosure. Truth be told, except lawyers, no one enjoys reading lengthy and obscure PPMs. From time to time, PPMs inhibit transactions or even break deals. Even so, one must understand that a well-drafted PPM protects against regulatory and general fraud claims, which may result in hefty fines or even punitive damages. Note that“ fraud” in the securities context does not require proof of“ intent,” as may be required under other contexts. Simply put, whether the fund’ s management intended to commit fraud is almost irrelevant when the court examines fraud. The key is to avoid“ untrue statement of a material fact” in any offering documents such as the PPM. Fund sponsors must conduct a line-by-line review of the PPM in order to avoid mistakes in the documents.
REGULATORY ENVIRONMENT
Although unregistered private funds are not heavily regulated in the U. S., management can’ t turn a blind eye to the fund’ s operational and compliance risks. On the operational side, real-time monitoring of the funds’ investment and operational activities is crucial to the fund’ s success. On the compliance side, marketing, disclosure of conflicts and allocation of fees and expenses should be conducted under the guidance of counsel. Even though the SEC may not be actively monitoring an unregistered fund’ s activity, once the investment falls apart, investors may resort to or be solicited by plaintiff attorneys to file lawsuits against the management.
As stated above, in the securities context,“ intent” often does not matter, and carelessness is often punished as fraud. This is why“ just do whatever is standard” is never a good approach. Interested parties must come together to review their strategies, business plans and documents to minimize the risks of regulatory violation or legal actions.
门汉斯
门汉斯先生是华盛顿州西雅图市的一名律师 。 他 专攻投资 / 基于雇佣关系的移民 、 公司交易和房地 产方面的法律事宜 。 他已经就私募融资 、 合资经营 和执行迁址安置中的交易问题为众多来自中国的 客户提供了咨询服务 。 在经营自己的事务所之前他 就职于纽约一家小型律师事务所以及华盛顿州一家专注于 EB-5 服务的法律公司 。 他深谙美国和中国的商业惯例, 特别适合为中国 投资者及他们的美方合伙人提供咨询服务 。
Hansi Men
Hansi Men is an attorney based out of Seattle, WA. He focuses on investment / employment-based immigration, corporate transactions and real estate. He has advised many investors from China in transactions involving private placement, joint venture and executive relocation. Before starting his own practice, he worked for a boutique corporate law firm in New York and an EB-5 focused law firm in Washington. With an in-depth understanding of American and Chinese business norms, he is well-suited for advising Chinese investors and their American partners.
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