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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