Compliance Bits and Pieces for December 10

These are some compliance-related stories that recently caught my eye:

Business Ethics and the “New York Times” Rule by Chris MacDonald in The Business Ethics Blog

The first thing to say about the Newspaper Test is that it probably is a useful heuristic. Asking the question it poses at very least serves as an opportunity to pause and ask yourself whether the action you’re about to take is one that could withstand publicity and scrutiny. But there are two clear problems with the Newspaper Test….

Top Five Reasons to Have a Compliance Committee by Meghan Daniels in SAI’s Viewpoint

Many companies integrate a compliance committee into their compliance and ethics programs. Compliance committees usually comprise a cross-section of representatives across the business, who share a unique perspective or interest related to the compliance and ethics program. Compliance committees often meet on a regular schedule and participate in a wide range of discussions and activities, from official responsibilities such as preliminary policy approvals to less formal activities such as discussions about trends or communication strategies.

How does the AIFM Directive Impact Fund Raising in the EU by Non-EU Managers? by Michael Wu in Pillsbury’s Investment Fund Law Blog

Although the majority of the Directive’s rules are likely to become effective by January 2013, some of the rules affecting non-EU funds and non-EU fund managers will be deferred until 2015 or later. Thus, non-EU managers may still actively raise funds in the EU, but will have to comply with a number of additional regulatory requirements beginning in January 2013.

A Brief Rumination On Metaphysics, Trusts and Accredited Investors by Keith Paul Bishop in California Corporate & Securities Law blog

This is what I understand the Staff to be saying. When (i) the grantors of a trust are accredited under Rule 501(a)(5); and (ii) the trust may be amended or revoked at any time by the grantors, then a trust is deemed NOT TO EXIST. Then, they seem to be saying that this non-existent trust is deemed accredited. So there you have it, a non-existent trust may be deemed to be an accredited investor.

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