Weekend Reading: The Map Thief

The classic business edict is to buy low and sell high. E. Forbes Smiley took that edict to heart in his business as an antique map dealer. Unfortunately, he discovered he could get his cost close to $0 if he stole his inventory. Michael Blanding captures the story of Mr. Smiley and the world of […]

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Compliance Bricks and Mortar for November 7

These are some of the compliance-related stories that recently caught my attention. Fordham Law offers LL.M in Corporate Compliance, expands JD training by Sean J. Griffith in the FCPA Blog The new compliance programs are good news for law students. According to The Wall Street Journal, starting salaries for compliance officers have been rising 3.5% […]

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LinkedIn and Compliance for Private Funds

At the recent NRS Fall Compliance Conference I was talking with another attendee about LinkedIn and the SEC rules on advertising. The basic question was can her employees use it. That became a more nuanced discussion of the various features. One topic was the messaging feature of LinkedIn. You can send massages to people on LinkedIn. […]

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Post – Election Day Now What?

Now that the Republicans have taken control of Congress, can we expect changes that will affect the private fund industry? Many of the Republican firebrands that now run the legislative process in both houses have spoken about repealing the Dodd-Frank Wall Street Reform and Consumer Protection Act. A wholesale repeal of Dodd-Frank is highly unlikely. […]

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Vote!

The United States fought hard for a constitutional democracy, but came short by initially limiting the vote to white men. It’s been the voting since then that has resulted in a broader section of the population having the right to vote. Exercise that right. You may not like any of the candidates, but you should […]

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Custody Rule Enforcement

The Securities and Exchange Commission has been pointing out custody issues for investment advisers, made it an exam priority for 2014, highlighted in its presence exam initiative, and highlighted it in its never before examined initiative. So it should come as no surprise that the SEC brought an enforcement case solely for custody rule violations. […]

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Professional Ethics at the NRS Compliance Conference

These are my notes from the NRS Fall Compliance Conference. Dorothy (Dot) C. Kelly, Director, Training & Outreach for the Professional Conduct Program, CFA Institute Wendy L. Pirie, Director, Curriculum Projects, CFA Institute Robert Stirling, Senior Consultant, Investment Adviser Services, NRS According to the 2013 Edelman Trust Barometer, the Financial Services industry is the least […]

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Risk Management Panel at the NRS Compliance Conference

These are my notes from the NRS Fall Compliance Conference. Robert B. Hirth, Chairman, Committee of Sponsoring Organizations of the Treadway Commission Fred Shane, Chief Risk Officer, Commonwealth Financial Network Should CCOs be Taking on the Additional Role of a Chief Risk Officer? It Depends, of Course • Compliance requirements, degree of regulation, risk • […]

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Information Technology and Cybersecurity

These are my notes from the NRS Fall Compliance Conference. Ted Kobus, Baker Hostetler Karen M. Aavik, First Niagara Financial Group Tammy Eisenberg, CLS Bank International In 2012 the average cost of a data breach was $5.4 million. IBM 2014 Cost of Data Breach Study More breaches happen from lost laptops and media than third-party […]

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Supervision and the Urban Case, with Ted Urban

These are my notes from the NRS Fall Compliance Conference. Who better to talk about supervision than Ted Urban himself. He was the general counsel and chief compliance officer. One of the firm’s registered representatives went rogue. He and other line supervisors were charged by the SEC for failure to supervise. Urban pushed for the […]

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