RegAlert2019-05-29
Added · Updated
SEC Division of Corporation Finance no-action letter: Deer Park Road Management Company, LP
Deer Park Road Management Company, LP requests a waiver of the disqualification from relying on Rule 506 of Regulation D under the Securities Act of 1933 that would otherwise result from an impending cease-and-desist order. The order stems from Deer Park's willful violations of Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 regarding the valuation of fund assets, for which Deer Park agreed to pay a $5 million civil money penalty. Deer Park argues that the violations did not involve the offer or sale of securities, were not scienter-based, and that granting the waiver is necessary to avoid disproportionate harm to its private funds and investors.
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May 29, 2019
By Email and Overnight Courier
Timothy Henseler, Esq.
Chief, Office of Enforcement Liaison
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: In the Matter of Deer Park Road Management Company, L.P. and Scott E. Burg, Dear Mr. Henseler:
We are writing on behalf of Deer Park Road Management Company, L,P. ("Deer Park") in connection with the anticipated settlement with the Securities and Exchange Commission ("SEC" or "Commission") relating to In the Matter of Deer Park Road Management Company, L.P. and Scott E. Burg. The settlement would result in an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act"), Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (the "Order") against Deer Park. On behalf of Deer Park, we hereby respectfully request a waiver of any disqualification that will arise pursuant to Rule 506 of Regulation D under the Securities Act of 1933 (the "Securities Act") with respect to Deer Park or any of its affiliates as a result of the entry of the Order. BACKGROUND Deer Park has engaged in settlement discussions with the Division of Enforcement in connection with the above-referenced administrative proceeding. As a result of these discussions, Deer Park expects to submit an Offer of Settlement that will agree to the Order, which will be presented by the Staff to the Commission. Sidley Austin (NY) LLP is a Delaware limited liability peAnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin paAnerships. ACTIVE 237295552
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.