These are some compliance-related stories that caught my attention. Availability of Staff Analysis of Market Data Related to Credit Default Swap Transactions from the Securities and Exchange Commission The staff of the Securities and Exchange Commission today has made available publicly an analysis of market data related to credit default swap transactions. … The SEC [...]
World’s Most Ethical Companies – 2012 Edition
The Ethisphere Institute announced its sixth annual selection of the World’s Most Ethical Companies. One hundred forty-five organizations made the list in 2012 from more than three dozen industries, including 43 headquartered outside the United States. Twenty-three companies that have been honored each of the six years the WME has been awarded, including Aflac, American [...]
Real Estate Funds and Form PF
In addition to filing Form ADV with the SEC when they register with the Securities and Exchange Commission, private fund managers will also need to start filing Form PF. I received a helpful reminder about this last week form SEC’s IARD system. (I’ll need to get used to messages with the subject line: “Firm 158137: [...]
Compliance Bits and Pieces for March 9
These are some compliance-related stories that recently caught my attention: SEC commissioner, deputy director in public flap over private funds by Mark Schoeff Jr. in Investment News Just as a new regulation requiring private-investment funds to register with Securities and Exchange Commission is about to go into effect, an agency official said that the regulator [...]
Scalping as a Fraud
Today, it’s fairly well establish that an investment adviser should not be buying positions on their own behalf shortly before recommending that position to its clients. Fifty years ago, there was some question as whether the Securities and Exchange Commission could take steps to prevent this or require disclosure. The test case came against Capital [...]
Battling Back Against Spammers
The SEC posted a warning on Bogus E-Mail Purporting to be from SEC Office of the Whistleblower. The SEC’s Office of the Whistleblower is real; the e-mail is a hoax. Earlier this week I received an angry email complaining about spam sent by me. That left me a bit confused because I don’t send out [...]
Private Fund Advisers and State Registration
As a result of the shifting boundaries between state and federal regulation of investment advisers, NASAA created a model rule for Registration Exemption for Investment Advisers to Private Funds. The rule tracks the general parameters of the new federal rules for investment adviser registration for private fund advisers. Massachusetts became the latest state to adopt [...]
Are You a CPO?
The first question is what is a CPO and why should I care? The Commodities and Futures Trading Commission decided to tighten the exemptions from registration potentially pulling some hedge funds and private equity funds that previously ignored the CFTC. Davis Polk held a webinar on this topic. Some private fund managers may get the [...]
Compliance Bits and Pieces for March 2
These are some stories that recently caught my attention: Behind the Crackdown on Insider Trading by Peter J. Henning in the NYtimes.com’s DealBook One reason prosecutors have pursued it is the explosive growth of hedge funds and investment advisory firms, which trade billions of dollars worth of securities and have a voracious appetite for information [...]
Valuations, Private Equity, and the SEC
The SEC has been poking around valuations for a while. First it was from the chaos of the 2008 financial crisis. The sudden illiquidity and drop in prices left many scratching their heads about the proper valuations for their assets. That was the main charge against the Bear Stearns hedge fund managers. The Justice Department [...]
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