The local retirement boards in Massachusetts are subject to new regulations regarding placement agents. That means if you have one of the boards as investor in your fund or a client in your advisory business, you need to supply new information to your clients/investors. Public Employee Retirement Administration Commission is the umbrella regulatory organization that [...]
Tag Archives: Massachusetts
Massachusetts Revises Proposed Private Fund Adviser Exemption
From my discussions, many real estate fund managers are still not sure if they are subject to registration under the Investment Advisers Act. The definition of “private fund” can exclude many real estate funds depending on the structure of their investments. I think the result is that you end up under the federal level of [...]
More on the Massachusetts Regulations on Expert Networks
The Massachusetts Secretary of State issued a new regulation that would affect the ability of investment advisors to use expert networks. This was a direct result of Risk Reward Capital Management being based in Massachusetts. Since the management company was registered as an investment adviser in Massachusetts they are subject to examination and enforcement by [...]
Enforcement of the Massachusetts Data Privacy Law
It’s been almost 18 months since the Massachusetts Data Privacy Law went into effect. Belmont Savings Bank has become one of the first charged with violating the law. Belmont Savings Bank maintained personal information on an unencrypted backup data tape and then lost the tape. According to surveillance footage the tape was likely discarded inadvertently by [...]
Massachusetts and Expert Network Services
At least one of the hedge funds being investigated for its use of expert networks in based in Massachusetts. In an unusual instance of the state regulators acting before Securities and Exchange Commission, the Massachusetts securities regulators are proposing a new regulation to address the use of expert network services. They are proposing a new [...]
Report on Investment Adviser’s Use of Social Media in Massachusetts
There is a growing trend in the financial services industry to use social media sites for outreach to existing as well as potential customers. Noticing this trend, the Securities Division of The Office of the Secretary of the Commonwealth surveyed investment advisers registered and doing business within the Commonwealth of Massachusetts. The purpose of the [...]
Massachusetts Is Looking to Dodd-Frank Investment Advisers and Fund Managers
Just to keep you on your toes if you have less than $150 million under management, states are now filling in the gaps left by Dodd-Frank. If you are under that threshold, you lose the ability to register with SEC and now have to look to at being regulated at the state level. Massachusetts used [...]
Massachusetts Brings Charges Against a Hedge Fund
You need to worry about more than just the Securities and Exchange Commission when it comes to private fund fraud. State securities regulators generally have the ability to bring fraud charges. Case in point is the Massachusetts’ Secretary of the Commonwealth bringing charges against Risk Reward Capital Management, RRC Management, the RRC Bio Fund and [...]
Compliance and Foreclosures in Massachusetts
Why is the foreclosure machinery of our nation’s largest banks grinding to a halt? Failure to follow the legal rules. In other words: Compliance Failure. The latest comes from my home state of Massachusetts. The state’s highest court rulet that two foreclosures were invalid because they were not properly assigned to the foreclosing party. The [...]
Hedge Fund Hotels and Compliance
The Massachusetts Secretary of the Commonwealth has been investigating hedge fund hotels. Start-up hedge fund managers receive reduced-rent office space in return for send their trading business to the landlord. UBS AG has agreed to pay $100,000 to settle charges that it failed to disclose the relationship. Galvin charged there was a conflict that harmed [...]
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