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Brexit and the Real Estate Markets

I don’t know and don’t pretend to know what the long term effects of the UK leaving the European Union will be. We saw in the short term that it sent the financial markets into turmoil and send the British pound to the lowest levels in years. The U.K property market looks like it is […]

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Happy Original Brexit Day

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the […]

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Compliance Bricks and Mortar – Canada Day Edition

Today marks the joining of the British North American colonies of Nova Scotia, New Brunswick, and the Province of Canada into a federation of four provinces on July 1, 1867. These are some compliance-related stories that caught my attention recently, even though they have nothing to do with Canada. BREXIT and Compliance by Jonathan Armstrong […]

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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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Broker-Dealer Customer Protection Rule versus Investment Adviser Custody

A recent enforcement case highlighted the stark difference between the custody requirements of a broker-dealer and an investment adviser. Merrill Lynch was smacked with over $400 million in disgorgement and penalties for putting customer assets at risk. Private fund managers and investment advisers are well aware of the limits on the custody. The purpose is […]

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Compliance Bricks and Mortar for the Brexit

These are some of the compliance-related stories that caught my attention while waiting for the results from the Brexit vote. BEST PRACTICES FOR TODAY’S CCO by Julie DiMauro in the FCPA Blog In addition to knowing their regulatory-reporting obligations, compliance officers should understand what their managers do, what products and services their company offers and the systems […]

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SEC Charges Fund Administrator as a Failed Gatekeeper

The Securities and Exchange Commission charged Steven Zoernack and his firm EquityStar Capital Management with fraud for stealing investor money and hiding his criminal past. The SEC brought fraud charges against ClearPath Wealth Management and its principal, Patrick Evans Churchville, for operating a fraudulent scheme that resulted in at least $11 million in losses to […]

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Compliance Bricks and Mortar for June 17

These are some of the compliance related questions that recently caught my attention. Power plants are no longer America’s biggest climate problem. Transportation is. by Brad Plumer in Vox Here’s an important energy milestone: For the first time since 1979, America’s cars, trucks, and airplanes emit more carbon dioxide than its power plants do. … But […]

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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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Investment Fraud and Online Dating

Most good financial advisers will tell you that referrals are their best source of business. The same is true for fraudsters. Affinity fraud is just using a network to funnel new “investors” into a fraud. The Boston office of the Securities and Exchange Commission brought charges against an alleged fraudster using an unusual network. The […]

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