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Private Fund Managers and Rule 506(c): Look Before You Leap

Private Fund Managers and Rule 506(c): Look Before You Leap
Product Code - LGA216
Speaker(s): Scott C. Budlong, Richards Kibbe & Orbe LLP; Eva Marie Carney, Richards Kibbe & Orbe LLP
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Selling stock or other securities to investors is common practice by businesses as they seek to expand or simply fund their existing operations. As public offerings are required to be registered with appropriate agencies, which can be expensive and which can also delay the process, some companies seek exemptions from these registration requirements, such as those afforded by a private placement. The Securities and Exchange Commission (SEC) has recently issued Rule 506(c) governing such private placements.

Hedge fund general counsel and chief compliance officers have been pondering what their firms should make of new Rule 506(c). The provision permits “general solicitation” by issuers making private placements of their securities, including hedge funds selling limited partnership interests. The faculty presenting this program will provide an in-depth examination of the risks and opportunities afforded by this new rule.

Educational Objectives

• Understand whether the new rule created a new horizon of possibilities or perilous waters.
• Learn about possible new freedoms.
• Gain a thorough understanding of new Rule 506(c).
• Find out about Regulation D proposals.
• Discover what may lie ahead.

Who would benefit most from attending this program?

Hedge fund general counsel, chief compliance officers, corporate counsel, and financial professionals.

Program Level: Intermediate

Credit Available: CLE. For additional information, please see the “CLE Credit” tab.

Scott C. Budlong, Richards Kibbe & Orbe LLP; Eva Marie Carney, Richards Kibbe & Orbe LLP

Scott C. Budlong, Richards Kibbe & Orbe LLP
Scott Budlong is a partner in the New York office of Richards Kibbe & Orbe LLP. He provides securities law advice to hedge funds, investment banks and other financial market participants. Mr. Budlong’s practice encompasses investment and trading issues under the Securities Act; SEC reporting and numerous other regulatory matters under the Securities Exchange Act; and registration, reporting and compliance under the Investment Advisers Act.

Mr. Budlong earned a J.D. from Columbia University School of Law, where he was a Harlan Fiske Stone Scholar, earned a Parker School Certificate in Foreign Law with honors, and served as Head Articles Editor of the Columbia Journal of Transnational Law; a Certificat d'Etudes Européennes; and a B.A. from the Université de Genève, and a B.A. from Amherst College. He is admitted to the New York Bar.

Eva Marie Carney, Richards Kibbe & Orbe LLP
Eva Marie Carney is a partner in the Washington, D.C. office of Richards Kibbe & Orbe LLP. Her practice focuses on the practicalities of securities regulatory compliance and draws on more than a decade of experience at the SEC’s Office of the General Counsel and its Division of Investment Management. Ms. Carney provides advice to investment fund managers and financial institutions on safeguarding and controlling non-public information, facilitating bank loan and securities trading, complying with insider trading prohibitions, identifying and limiting conflicts of interest, and otherwise achieving compliance with federal securities laws and other laws and regulations. She also assists clients in devising, implementing, and auditing their adherence to, compliance policies and procedures.

Ms. Carney earned a J.D. from Stanford Law School and a B.A., magna cum laude, from the University of San Francisco. She is admitted to practice in the District of Columbia, California, and before the United States Supreme Court.

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York*, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator.

Hardship Policy
For information regarding Bloomberg BNA’s Hardship Policy, please visit the Continuing Education Information page.

For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at

*Bloomberg BNA is an accredited provider in New York for experienced attorneys only.