On March 15, 2013, the Massachusetts Securities Division started the process to amend the regulations for investment adviser representative (“IAR”). The proposal would require an IAR applicant to submit to a review of the Massachusetts Criminal Offender Record Information (CORI) of the applicant. The Division believes that it is in the public interest and for [...]
Tag Archives | Massachusetts
Another Danger of Overstating Assets
The Securities Division of the Massachusetts’ Secretary of State’s office filed an administrative complaint against CCR Wealth Management. The complaint seeks to deny CCR Wealth Management registration as an investment adviser. The secretary of state’s office said inspectors became suspicious when they noticed that CCR had reported static denominations over a period of time, even [...]
SEC Brings a Pay-to-Play Action
The Securities and Exchange Commission filed a “pay-to-play” case against Goldman Sachs and one of its former investment bankers, Neil M.M. Morrison. The SEC alleges that Goldman and Morrison made undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor. The case was brought under the Municipal Securities [...]
Data Breaches in Massachusetts
Through September 30, 2011, the largest share of breaches was not in the financial sector, but in the retail and healthcare industries, along with government. On October 31, 2007, the Commonwealth’s Data Security Breach Law, Mass. Gen. Law c. 93H, went into effect. On March 1, 2010, the Office of Consumer Affairs and Business Regulation’s [...]
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 [...]
Placement Agent Policies for Massachusetts Public Pension Systems
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 [...]
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 [...]
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