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state street

The Rise of the Professional Whistleblower

With the proliferation of whistleblower regimes at regulatory agencies we should not be surprised that there are professional whistleblowers. The Securities and Exchange Commission gave its blessing earlier this year when it granted a whistleblower award to a company outsider. This week the SEC and the DOJ announced a half billion dollar settlement with State […]

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Rethinking Your SEC Introductory Presentation

I was chatting with a compliance examiner from the Securities and Exchange Commission and heard that the format for private fund exams had changed. Given the complexity and diversity of business models for private funds, the SEC is trying to narrow the scope of its examination. Presumably to help in that effort, the SEC examiners […]

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Cycling and the Securities and Exchange Commission

The big news in cycling over the weekend was the end of the Tour de France. Other news is a personnel change at the Securities and Exchange Commission because of cycling. Chris Froome and his Team Sky dominated the General Classification of the Tour de France. He finished more that four minutes ahead of his […]

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Weekend Reading: Bluff

The mystery of the Federal Reserve leaves people wondering if it’s controlled by the mysterious Illuminati, corrupt politicians, or fat cat bankers. And it leaves people wondering what exactly it does, or not care and demand an audit. If you believe any of the foregoing then Bluff by Anjum Hoda is not the book for you. […]

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Compliance Bricks and Mortar for July 22

These are some of the compliance-related stories that recently caught my attention. World’s 20 biggest banks rack up £252bn ‘conduct costs’ in five years by Sean Farrell in the Guardian The cost of fines, legal bills and customer compensation racked up by the world’s 20 biggest banks over the five years to the end of […]

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Vice Presidents and the Pay to Play Rule

The Securities and Exchange Commission limits the ability of investment advisers and fund managers from contributing to certain politicians that can influence investment decisions for state pension funds. Under Rule 206(4)-5, you can contribute up to $150 to any candidate or up to $350 if you can vote for the candidate. Mike Pence is the […]

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SEC Exam Results

Securities and Exchange Commission Examiners are beefing up their staff and are more likely than ever to show up on your doorstep. So what are the likely outcomes? The SEC recently announced that it’s shifting resources from the broker-dealer side over to the investment adviser side. It’s leaving the broker dealers for FINRA and putting […]

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Share Class Initiative

If your firm receives revenue from the sale of funds, be sure you have procedures in place to avoid placing clients in a more expensive share class when a cheaper one is available. The SEC announced a new Share Class Initiative for 2016. There are two main areas where an adviser will have conflict in […]

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Tesla, Self-Driving Cars and Compliance

Tesla Motors is under investigation by the Securities and Exchange Commission for failure to disclose that one if its car crashed while in self-driving mode. The question is whether whether Tesla should have disclosed the accident as a “material” event: a development a reasonable investor would consider important. That opens a bigger question about the […]

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I had my first cycling crash of the season this weekend. My fault. No cars involved. I was complying with traffic laws. I just made a mistake. We all make mistakes. This one left me on the tarmac. I spent the weekend dropping off The Girl at sleep-away camp in the Berkshires. (Her first time […]

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