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compliance risks

DLA Piper Takes a Look at Compliance

DLA Piper conducted its first compliance survey. I assume they reached out to some subset of the law firm’s clients seeking responses to the 34 questions. The answers came from not just the biggest companies. Although 38% of the companies had more than 5,000 employees, 20% had 100 or fewer. The companies were split 60/40 […]

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How Good Is Your Business Continuity and Transition Plan?

The Securities and Exchange Commission had indicated that it was going to tackle operational issues at investment advisers. It just released a proposed rule on business continuity and transition plans for registered investment advisers. The proposed rule would require SEC-registered investment advisers to have written business continuity and transition plans reasonably designed to address operational and other […]

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Compliance Lawyers and Legal Education

I had an interesting discussion on the possible role of law schools in helping train law students for jobs in the compliance field. Compliance does not require a law degree, but there seems to be a demand for compliance professionals with legal degrees in the mid and higher levels, particularly in highly regulated industries. Part […]

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Cash in the grass with room for your type.

Charging Fund Investors For In-House Legal Staff

In house lawyers fall into two sections of typical fund documents. On one had, fund documents usually state that the fund pays for legal expenses. Another section states that the general partner is responsible for employee expenses. Can you charge in-house legal staff as a fund expense? It depends. This was mentioned by Marc Wyatt, Deputy […]

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Private Equity Fund Managers and Broker Dealer Registration

The Securities and Exchange Commission has been poking around fees earned by private equity firms and found many to its distaste. One item the SEC has highlighted in the past was fees for acting as a broker dealer. I’ve been waiting to see if the SEC’s distaste would be enough to bring an enforcement action. […]

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Delaying Losses To Earn Current Fees

Fee structure is a guiding force for how fund managers operate and a keystone for compliance professionals. A compliance professional needs to focus on ways that a fee structure could cause the fund manager to act to the detriment of fund investors. The Securities and Exchange Commission just charged a fund manager for using distorted […]

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TRID: The Reason I Drink

The Wall Street Journal dedicated some front page space to compliance professionals: Inside Enforcers Shake Up Bank Culture. It paints a stark picture of the regulatory pressure on banks. There were many factors that lead to the 2008 Great Recession. Most people agree that a lack of oversight by regulators on the banks under their supervision […]

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Dodd-Frankly, My Dear, I Don’t Give..

Perhaps one day there’ll be another famous movie line: “Dodd-Frankly, my dear, I don’t give…” But probably not. Its not clear if Dodd-Frank has been a success or a failure. It certainly has been a change. From the regulated side, I think the failure or success depends on which part of Dodd-Frank affects you. New […]

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Does Compliance Work?

This has been an existential question for a long time. How do you measure compliance success? How do you know if it’s working? Sean Griffith, director of the Corporate Law Center at Fordham University in New York casts a skeptical eye on compliance through the lens of corporate governance in a new law review article: Corporate […]

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Alternative Funds and Valuations

It should come to no surprise that alternative funds have an extra level of scrutiny when it comes to valuations. RD Legal Capital is under scrutiny by the Securities and Exchange Commission according to a story in the Wall Street Journal. RD Legal is in litigation finance with a strategy to to buy stakes in […]

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