In jest, I wrote that we should occupy the SEC, but noted that they are very open to comments and influence by the public. One of the comments to that story was from a group organized as Occupy the SEC and they were planning to comment on the Volker Rule. They submitted a massive comment [...]
Stealing Private Equity Investment Opportunities
Private equity transactions are not outside the scope of enforcement by the Securities and Exchange Commission. The SEC filed a case against a former principal ...
What the SEC Wants Next Year
It is time once again for the Securities and Exchange Commission to sing for its supper. Even though it’s an independent agency, supposedly insulating it from political pressure, it still needs to go back to Congress each year to get funding. The budget request for FY 2013 totals $1.566 billion, an increase of $245 million [...]
The Clock is Ticking
With a registration deadline of March 30, 2012 and a 45 day period for the SEC to review the application, private fund managers need to file their Form ADV by February 14. I know that there are fund managers still on the fence on whether to register or not. The trouble came from Title IV [...]
Blogoversary
Compliance Building went public on February 12, 2009. Since then, I have managed to publish a blog post almost every business day. Sometimes, more than one. I hope at least some of those 1500 posts were useful to you, whether you are a subscriber or one of the other 325,000 or so visitors to Compliance [...]
Compliance Bits and Pieces for February 10
These are some compliance-related stories that recently caught my attention: The Fallout from the Latest NLRB Salvo on Social Media by Daniel Schwartz In Connecticut Employment Law Blog [E]very pronouncement from the NLRB is treated as if it is written in stone with lots of suggestions on how to rewrite all of your policies. The latest was [...]
Proposed FATCA Regulations Released
The Foreign Account Tax Compliance Act of 2009 was part of the Hiring Incentives to Restore Employment Act of 2010 (the HIRE Act) passed in 2010. If you have foreign investors or domestic investors making their investments through offshore entities, you need to pay attention to this law. It requires private funds to collect information [...]
New Anti-Money Laundering Requirements for Non-Bank Mortgage Lenders and Originators
Private Equity has been siting on the fringes of Anti-money laundering regulation for many years. It’s still illegal to be involved in money laundering and fund managers should be taking some steps to protect themselves and to identify problems. There’s just no set script. FinCEN is supposedly working on a new rule. In the meantime, [...]
Crowdsourcing the Crowdfunding Exemption
There is a growing movement to create a new crowdfunding regime for raising capital. The models seem to draw inspiration from Kickstarter, a platform to fund creative projects. I say that because each time I see a draft bill it talks about an internet-based intermediary as part of the exemption. President Obama endorsed the idea [...]
Compliance, the Middle-Finger Malfunction, and the Reluctant Touchdown
It’s sad day in Boston. We’ve become accustomed to winning and the Super Bowl drought continues for at least another year. There were two compliance-related stories that came out of Super Bowl XLVI. The first was singer M.I.A.’s obscene gesture and expletive during the halftime show. After Janet Jackson’s nipple-gate incident eight years ago, you [...]
Compliance Bits and Pieces for February 3
These are some compliance-related stories that recently caught my attention. Private Equity Bets On Compliance Market With EthicsPoint Deal by Nick Elliott in WSJ.com’s Corruption Currents In a further sign of rising demand for compliance services, private equity firm Riverside Co. has signed a deal to acquire EthicsPoint Inc., which it will merge with its [...]
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