pmc bricks

Compliance Bricks and Mortar for July 21

These are some of the compliance-related stories that recently caught my attention. Developments in the Asset Management Industry by Itzhak Ben-David in the HLS Forum on Corporate Governance and Financial Regulation The rising concentration in the asset management industry and the rise of ETFs not only change the way investors invest, but also affect the […]

Read full story · Comments { 0 }
sec-seal

Looking at the Direction of the New Securities and Exchange Commission

With Chairman Jay Clayton in place, the Securities and Exchange Commission is now controlled by Republican appointees. Former Chair White came from a litigation and prosecutor background. Chair Clayton comes from a deal-making and capital formation background. I think we can guess the direction of the SEC for the next few years. Beyond the guessing, […]

Read full story · Comments { 0 }
SEC Enforcement Logo

The One With The Incriminating Internet Searches

The case against Fei Yan was a fairly straight-forward insider trading case involving leaky M&A transactions. In this case, the leaks came from a junior corporate associate working on the transactions. We can only guess that she told her husband, Mr. Yan, about her day at work and revealed too much information. While Mr. Yan […]

Read full story · Comments { 0 }
tkk pedal partner

Compliance Bricks and Mortar for July 14

When this post gets published, I will have hopefully finished a 130 mile training ride across Massachusetts in preparation for the Pan Mass Challenge. I’m leaving my house in the middle of the night to be in Becket, MA by noon for parents’ weekend at my son’s summer camp. There is still time to support […]

Read full story · Comments { 0 }
smoking gun

Email Smoking Guns

Martin Lomasney created a famous saying on the importance of discretion: “Never write if you can speak; never speak if you can nod; never nod if you can wink.” At the time of Lomasney, it was not email or Twitter, but telegrams that were the principal method of electronic communication. In the case of President Trump […]

Read full story · Comments { 0 }
ilpa

ILPA Guidance on Subscription Lines of Credit

The Institutional Limited Partners Association (ILPA) released guidance regarding the use of subscription lines of credit facilities by private equity funds. ILPA outlines the risks and potential impact on limited partners. As with most potential conflicts, ILPA recommends better disclosure and greater clarity for their use. Subscription lines of credit are a great tool for […]

Read full story · Comments { 0 }

Brexit 1776

I assume most of you are out of the office on Monday and Tuesday to celebrate the original Brexit in 1776. I’m out riding my bike to get ready for the Pan-Mass Challenge. (There’s still time to make a donation to fight cancer.)  

Read full story · Comments { 0 }
pmc bricks

Compliance Bricks and Mortar for June 30

These are some of the compliance-related stories that recently caught my attention. SEC’s Clayton Vows to Do More Exams with Less Funding in AdvisorHub SEC Chairman Jay Clayton testified to Congress on Tuesday morning that the agency will increase its examinations of investment advisers by 20% in the current fiscal year and nudge the numbers […]

Read full story · Comments { 0 }
sec-seal

SEC Releases New Form ADV Frequently Asked Questions

Earlier this month, the Securities and Exchange Commission released 23 new frequently asked questions (“FAQs”) on Form ADV to provide guidance on recent amendments to Form ADV. Those amendments become effective in October. These new FAQs include guidance on (i) the umbrella registration approach that many private fund sponsors use to register multiple affiliates and […]

Read full story · Comments { 0 }
pmc bricks

Compliance Bricks and Mortar for June 16

I want to clarify my Pay-to-Play and Yard Signs post from earlier this week. I think an early draft of the post was sent through the email system that was incorrect. A senior SEC official clearly stated that yard signs are not limited by the Pay-to-Play Rule and that the speaker who made the statement was […]

Read full story · Comments { 0 }