These are my notes from the Private Fund Compliance Forum 2013. They are live notes, so excuse the typos. David Smolen, Chief Compliance Officer, Silver Lake Brynn Peltz, Partner, Goodwin Procter LLP Roman A. Bejger, Counsel and Chief Compliance Officer, Providence Equity Partners, LLC Michael Barnes, Senior Manager, Financial Services, Ernst & Young LLP Fund [...]
Tag Archives | Dodd-Frank Wall Street Reform and Consumer Protection Act
First the SEC, Now the CFTC
The Dodd-Frank Wall Street Reform and Consumer Protection Act is getting ready to land its second regulatory punch to private equity funds. The first was the registration requirement with the Securities and Exchange Commission. The second is the upcoming registration requirement with the Commodities Futures Trading Commission. Two recent developments pull fund managers into the [...]
Whistleblower Only Has to Believe There is Something Wrong
Whistleblower rights are growing stronger. The recent award of a reward in excess of $100 million to a whistleblower will certainly attract those looking for financial reward. Dodd-Frank not only increased the chances of getting a reward, it also provided broader rights to employees and the courts are starting to rule strongly in favor of [...]
Financial Illiteracy Found in Study of Financial Literacy
“Understanding the needs of investors is critical to carrying out the Commission’s investor protection mission,” said SEC Chairman Mary L. Schapiro. Section 917 of Dodd-Frank required the SEC to study the existing level of financial literacy among retail investors. The study was recently released and paints an ugly picture. Here’s a key quote: These studies [...]
Preliminary Results of Dodd-Frank Act Changes to Investment Adviser Registration Requirements
The Securities and Exchange Commission has released some statistics on the effect of Dodd-Frank on the registration of investment advisers (.pdf). March 30, 2012 was the compliance date for several provisions of the Dodd-Frank Act that amended the registration provisions of the Investment Advisers Act. Registered private fund advisers advise 30,617 private funds with total [...]
How Wall Street Killed Financial Reform
I’m sure you heard in the news that JP Morgan lost $2 billion in a trades using complex derivatives tied to corporate bond defaults. But didn’t we fix this two years ago when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act? It seems like JP Morgan’s mistakes should be the first test [...]
Are You Systemically Important?
The first step in figuring out if a financial company is too big to fail, is to figure what it means to be “big”. Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Financial Stability Oversight Council to determine that a nonbank financial company will be subject to supervision by [...]
Proposed Identity Theft Red Flags Rules
Identity theft is a serious problem. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act increased the scope of firms that would be subject to federal regulatory requirements on identity theft rules. The Securities Exchange Commission and the Commodities Futures Trading Commission just published a proposed rule addressing that new scope. Section [...]
Dodd-Frankenstein
You would expect that a publication with a libertarian tilt like The Economist would not look favorably at the Dodd-Frank Wall Street Reform and Consumer Protection Act. They call it Too big not to fail. Being The Economist, the article argues with the facts on its side. Dodd-Frank: 848 pages Federal Reserve Act of 1913: [...]
Tighter Rules on Advisory Performance Fee Charges
Under the Investment Advisers Act, an adviser can only charge a performance fee if the client was a “qualified client”. The SEC equates net worth with sophistication, so a “qualified client” had to have a level assets to prove their financial sophistication. Those levels are now officially increased. The original standard was that the client [...]
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