Compliance, the SEC, and the Supreme Court

The Supreme Court Weighs in Insider Trading

If you were expecting a tidal wave of changes from the Supreme Court, you will be disappointed. On Tuesday, the Court delivered its opinion in Salman v. U.S. Prosecutors can see a glimmer of upside because they do not have to prove that something valuable changed hands in order to prove the crime of insider trading. Newman […]

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Compliance Bricks and Mortar for December 2

These are some of the compliance related stories that recently caught my attention. Trump Risk Factors Begin to Appear in SEC Documents by Steve Quinlivan in Dodd-Frank.com Risk factors related to uncertainties resulting from possible policies that may be implemented by President-elect Trump have begun to appear in SEC filings: TPI Composites, Inc. Form 10-Q: […]

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Bold and Unrelenting SEC Enforcement

We are in a time of transition at the Securities and Exchange Commission. There are two vacancies on the Commission and Chair Mary Jo White has announced her departure. Although there are changes coming to the highest level of the SEC, the vast majority of the SEC personnel are staying in place and continuing their […]

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Cash in the grass with room for your type.

“May” or “Will” is Less Important Than Completeness

The Robare case popped to my attention last year because the Securities and Exchange Commission was focused on the use of the word “may” instead of “will” as adequate disclose of a fee arrangement. My eyes rolled at such distinction. The administrative law judge felt the same way and dismissed the case. Now the Commission […]

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Politics and Conflicts of Interest

Politicians and their staff are prone to conflicts of interest. Legislative, executive, and regualtory actions will affect the value of companies and their investors. Hillary Clinton failed to address the conflicts between her actions as Secretary of State and the fundraising of the Clinton Foundation. One of the campaign promises of Donald Trump was to tackle […]

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Arvika, Sweden. Gamla posten, brick wall

Compliance Bricks and Mortar for November 18

These are some of the compliance-related stories that caught my attention this week. Four Companies to Watch for ‘Trump Risk’ by Matt Kelly in Radical Compliance Last week two companies became the first public filers to cite the incoming Trump Administration as a risk worth disclosing in the Risk Factors section of their quarterly reports. […]

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The Downside to Advertisement Restrictions

Going back over my notes in search of guidance on when advertising for a private equity firm is advertising restricted under the Investment Advisers Act and when it is advertising for the firm’s products and services, I’m left uncertain. I was hoping that the gun jumping interpretations would offer some meaningful guidance. So far, I […]

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Gun Jumping

I began exploring the difference between advertising the soup and advertising the securities in yesterday’s post. That is, I looking for distinction between a private equity firm advertising in relation to its portfolio companies or real estate holdings, and advertising its performance as an investment adviser. Portfolio company advertising is outside the legal framework under […]

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Publicity for Private Equity Funds

While looking through the various restrictions on advertising for investment advisers, I was  struck by how they fail to address the operations of private equity funds. The Securities and Exchange Commission effectively banned advertising by investment advisers for decades. As reality came, the SEC relented, subject to strict restrictions. In this post-Dodd-Frank world with private […]

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Veterans Day Compliance Bricks and Mortar

Please remember to those who have served in the armed forces for the sacrifices they have made. Below are some of the compliance-related stories that caught my attention. Donald Trump’s Transition Team: We Will ‘Dismantle’ Dodd-Frank in the Wall Street Journal The brief note on Mr. Trump’s new website marked the first time since Tuesday’s election […]

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