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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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Private Equity Real Estate Top 50 – 2016 Edition of Who is Registered

Private Equity Real Estate has released its ranking of the top 50 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. Rank Firm Headquarters Registration 1 The Blackstone Group New York  Registered […]

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Custody Failure Pinned On the Gatekeepers

I remember the SFX case because the CCO was charged for compliance failures. Now the auditors of SFX have been been charged for their failures. SFX Financial Advisory Management Enterprises is wholly-owned by Live Nation Entertainment and specializes in providing advisory and financial management services to current and former professional athletes. The SEC charged SFX’s […]

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Designated Lenders Counsel and Compliance

If you own a home, there was likely a lawyer sitting at the closing table. Who paid for the lawyer and who did the lawyer represent? You paid, but the lawyer worked for the bank. She or he was there to make sure the bank’s interests were protected. There was recent coverage of a similar […]

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Compliance and St. Patrick’s Day

My office is next door to Boston’s famous Irish pub, The Black Rose. It’s hard to ignore the celebrations, with patrons going in for a pint, while I’m going into my office. So I had to find a compliance angle. One of the miracles attributed to St. Patrick as part of his sainthood was driving […]

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pie pi

Compliance Pie

Sometimes I’ve heard that the reward for a job is like winning a pie eating contest and finding out the prize is a pie. Is compliance like a pie eating contest? It seems to me that compliance only continues to get more complex and demanding. Companies will continue to do bad things. Legislators and regulators […]

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Adviser is Fined For Shortchanging Himself on Fees

Anyone in compliance and anyone running a fund knows that the Securities and Exchange Commission is laser-focused on fees being charged to investors. Marco Investment Management got it wrong and was subject to an order by the SEC. But, the firm actually short-changed itself. Marco’s advisory agreements with its clients called for a fee to […]

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