Doug Cornelius on compliance for private equity real estate
The Supreme Court issued its decision in Lucia v. Securities and Exchange Commission. The problem is that the administrative law judges were appointed by an internal panel instead of by the President or the SEC Commissioners. The Appointments Clause of the Constitution is there to make sure that those who wield power are subject to “political … Read more »
The Securities and Exchange Commission launched a new tool to help with investor protection: The SEC Action Lookup for Individuals – or SALI. (Is it pronounced “sally”?) SALI is a database of individuals who (1) have been parties to past SEC enforcement actions and against whom federal courts have entered judgments or (2) the SEC has … Read more »
One of the challenges that consumers face when dealing with a financial adviser is what it means to be a “financial adviser.” The terms financial planner, wealth consultant, stockbroker, investment adviser, financial consultant, and others get thrown around, leaving you how that person gets paid for helping you with your money. The Securities and Exchange … Read more »
I didn’t manage to get down to Washington DC to be there in person, but I’ve been watching the webcast of the Compliance Outreach Program National Seminar 2018 For Investment Adviser and Investment Company Senior Officers this morning. This is the agenda and my notes so far. Introductory Remarks from SEC Directors Speakers: Dalia Blass, … Read more »
Most frauds have some element of fake returns. I picked the case against McKinley Mortgage Co., Charles Preston, and his son, Caleb Preston because the headline in the release included: Private Real Estate Fund with Scheme to Defraud Retail Investors.” Frauds involving private real estate funds catch my attention. McKinley bought promissory notes secured by … Read more »
I had given up on trying to access the SEC’s online resources through my phone a long time ago. Frankly, it was hard to use with a full computer screen at times. It was nearly impossible to use on my phone’s small screen. But the site has been evolving. Broc Romanek pointed out that the … Read more »
That headline is incorrect. I can’t speak for the entire SEC, especially with Congressional funding in jeopardy between now and then. However, The IARD system is operating on March 31. If you have to file your Form ADV, it is due to be filed by March 31. Back in 2013, March 31 fell on a … Read more »
President Trump has set de-regulation as one of his priorities. We saw this in his Executive Order that required the repeal of two regulations before enacting a new regulation. The Department of Justice is embracing this mandate. Associate Attorney General Rachel Brand issued a memorandum limiting the use of agency guidance documents in affirmative civil enforcement … Read more »
With Congress showing more of its ineptitude, it was unable to pass spending legislation over the weekend. There are reports of limited impact over the weekend. With today’s start of the work week, thousands of federal employees will be home instead of doing their jobs. The Securities and Exchange Commission is still operational. At least … Read more »
The use of administrative law judges by the Securities and Exchange Commission has been strained since the jurisdiction was expanded under Dodd-Frank. There have been a series of cases challenging the ALJs under the the Appointments Clause of the Constitution. The problem was that the judges were appointed by an internal panel instead of by the … Read more »