The Securities and Exchange Commission extended the date by which registered investment advisers must comply with the ban on third-party solicitation in Rule 206(4)-5 under the Investment Advisers Act. The SEC is extending the compliance date in order to ensure an orderly transition. Since solicitors will need to registered as an investment adviser or a … Read more »
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 … Read more »
Professional Certifications for Compliance
Do you need a certification to be compliance professional? “Need” is not the right answer. Compliance is still a diverse and complex field, where the needs can differ remarkably from firm to firm. I’m a bit skeptical that a generic certificate program is likely to help me much with my job or professional development. Whatever … Read more »
Compliance Bits and Pieces for June 8
These are some compliance-related stories that recently caught my attention: Focus of SRO Hearing Shifts to Regulatory ‘Fatigue,’ SRO Burden for Small Advisors in fi360 blog At the end of the day, both sides could claim points scored, although it was probably a Pyrrhic victory for SRO opponents. The die is cast for a favorable … Read more »
House Hearing on Investment Adviser Oversight Act
On Wednesday, the House Financial Services Committee held a hearing on the Investment Adviser Oversight Act. This bill would create a new self-regulatory organization for investment advisers. Chairman Bachus opened up by offering to revise the list of exemptions. This worries me, since private funds are currently exempted. My Congressman, Barney Frank, the ranking minority … Read more »
Dawn of the Zombie Funds
The Securities and Exchange Commission has a shotgun in its hand and is looking for zombies. “We are going to take a close look at that and see whether or not there’s a problem,” said Robert Khuzami, the SEC’s enforcement director. Khuzami is the one pointing the shotgun. Many private investment funds either prevent redemptions … Read more »
The US Private Real Estate Fund Compliance Guide
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires US advisers to private funds with at least $150 million in assets under management to register with the Securities and Exchange Commission as investment adviser. Venture capital fund managers are explicitly exempted from many aspects of registration. Real estate funds are not explicitly … Read more »
Social Media Policy Update
In the frenetic early days of social media foward-thinking companies thoughtfully sat down and crafted sensible policies to help guide employees who had suddenly turned into web publishers.The companies recognized the risks involved, whether the employee was acting recklessly, or merely writing down unacceptable material without realizing the implications. It was still a small area … Read more »
NLRB Approved Social Media Policy
The National Labor Relations Board has been ruling on social media policies and making a mess of the regulatory landscape. In its May 30, 2012 report on recent social media cases (.pdf) the Board eviscerates many social media policies that resulted in adverse employment action. In the process it confuses the landscape of acceptable social … Read more »
Compliance Bits and Pieces for June 1
These are some compliance related stories that recently caught my attention. The Symbolism of the Bull and the Bear by Amy Farber, New York Fed Research Library The term “bear” dates back to 1709, when it was used as shorthand for the bearskin jobber occupation. The title “bearskin jobber” originates from a proverb highlighting the … Read more »