Earlier I had pointed out how a real estate fund manager could be considered an investment adviser and have to register with the SEC under the Investment Advisers Act. In the Proposed Changes to Form ADV published on November 19, the SEC has made it clear that real estate funds are part of the mix. [...]
Archive | November, 2010
The Newspaper Rule and a Massachusetts Politician
One of the classic statements in a compliance program is “don’t do something if you would be embarrassed to see a story about it on the front page of the newspaper.” Just because something is legal, it does not mean it’s ethical or a good thing to do. A recent example popped up in Massachusetts [...]
Happy Thanksgiving
That means an extra long weekend for me. Down the road at Plimouth Plantation they hold onto the belief that the first Thanksgiving in the United States happened in 1621 at their location: The history of Thanksgiving goes much further back than Plymouth and 1621. In fact, people across the world from every culture have [...]
The US Private Equity Fund Compliance Guide
One of the struggles with implementing a compliance program for a private equity fund is that the Investment Advisers Act is targeted at retail operations dealing with relatively liquid investments. Neither fits well with the private equity model of institutional investors and large, illiquid transactions. Most of the guidance and discussion about how to implement [...]
The SEC Defines Venture Capital
The SEC is moving much faster in releasing proposed rules after the SEC Open Meetings. After Friday morning’s open meeting discussing the exemption from registration for venture capital funds, the SEC has released the full text of the proposed rule merely several hours later. I have been waiting to see how broad this exemption will [...]
Proposed Changes to Form ADV
The SEC has released its proposed changes to Form ADV to better deal with private fund registration and the exempt, but reporting required of venture capital funds: Release No. IA-3110 The Securities and Exchange Commission is proposing new rules and rule amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank [...]
Can I Be a Venture Capital Fund Manager?
That was one of the topics for the Securities and Exchange Commission Open Meeting on November 19. In Shapiro’s opening remarks, it was clear that the SEC wants all private funds to register. Even thought venture capital funds are exempt from registration, they will need to supply information to the SEC. The key in defining [...]
Compliance Bits and Pieces for November 19
Here are some recent compliance related stories I found interesting. SEC Charges Two Longtime Madoff Employees with Fraud The Securities and Exchange Commission today charged a pair of longtime employees at Bernard L. Madoff Investment Securities LLC (BMIS) with playing key roles in the Madoff Ponzi scheme. One employee produced phony account statements for investors [...]
Another CCO in Trouble
With failure, comes learning. As a compliance officer, disciplinary actions against other compliance officers can be a road map showing me what not to do. Recently, the SEC charged affiliated firms and their former chief compliance officer with failing to have adequate policies and procedures to prevent misuse of nonpublic information. Section 204A and Rule [...]
Securities and Exchange Commission’s FY 2010 Performance and Accountability Report
In June 2010, the SEC approved a new strategic plan for its fiscal years 2010 – FY 2015. The plan set out the agency’s mission, vision, values, and strategic goals. It also had a detailed list the outcomes the SEC wanted to achieve and the performance measures that will be used to gauge the agency’s [...]
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