Doug Cornelius on compliance for private equity real estate
As part of the Wells Report in 1972, the Securities and Exchange Commission adopted its no-admit/no-deny policy. The SEC, in agreeing to settle a case, relinquishes the opportunity to present the case in court. The defendant relinquishes the right to defend the case in court, in the press, and in the eyes of the public. … Read more »
The annual Securities and Exchange Commission request for funding from Congress is not generally very interesting. For fiscal year 2025 its seeking $2.6 billion to support over 5,000 full-time equivalents. Some of the stats are interesting. This one caught my eye: Looking at the private funds area, in the last five years, the number of … Read more »
Once every four years we get a February 29. 2024 is one of those years. The big compliance impact is for annual and quarterly reporting. If the standard is 90 days after year-end, that is March 30 and not the usual March 31. That is especially relevant for Form ADV. Make sure to get it … Read more »
The press release for changes to “qualifying venture capital fund” caught my attention. I didn’t recall that definition, so I took a closer look. It’s in Section 3(c)(1) of the Investment Company Act, which makes it part of the “private fund” definition. Section 504 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of … Read more »
The Securities and Exchange Commission looks to have opened at least two fronts in the adoption of artificial intelligence in financial services. The Division of Examinations has apparently started a sweep, sending out information requests on AI-related topics. SEC Chair Gary Gensler has expressed skepticism about the technology. The first issue is a marketing-related issue … Read more »
The Securities and Exchange Commission published its twice-annual rule list agenda for the Fall 2023. Back in June, four items caught my attention: Private Fund Reform, Cybersecurity, Outsourcing, and Safeguarding. Only one made it to publication. Unless you’ve been on vacation for a few months, you know the Private Fund Reforms became effective last month. … Read more »
The Securities and Exchange Commission has set the agenda for its August 23 meeting. ITEM 2: Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews OFFICE: Division of Investment Management STAFF: William A. Birdthistle, Sarah G. ten Siethoff, Melissa Harke, Marc Mehrespand, Tom Strumpf, Robert Holowka, Shane Cox, Neema Nassiri The Commission will consider … Read more »
The Securities and Exchange Commission has published the Spring update to its agency rule list: Agency Rule List – Spring 2023 Securities and Exchange Commission. While none of this is carved in stone it does give us some sense of what the SEC is working on, what it has given up on, and when things … Read more »
Among the many, many, many legislative actions in Dodd-Frank, one section gave the Securities and Exchange Commission broader authorization to bring enforcement actions through its internal administrative law judges instead of through federal courts. The SEC decides which cases to bring to the ALJs and which it wishes to bring in federal court. In federal … Read more »
Maybe. The Securities and Exchange Commission is going to propose standardization of environmental, social, and governance disclosures to investors and to the SEC. The vote happens at the SEC open meeting on May 25. MATTERS TO BE CONSIDERED: 1. The Commission will consider whether to propose amendments to the rule under the Investment Company Act … Read more »