The key aspect of registration under the Investment Advisers Act is managing conflicts of interest. The financial services industry is full of conflicts. Investment advisers owe a higher level of duty to their clients than broker-dealers. In the case of fund managers, they owe the duty to their funds. One particular concern is a transaction … Read more »
Compliance Bits and Pieces for May 11
These are some of the compliance-related stories that recently caught my attention. A Shiny New Website for the S.E.C. by Kevin Roose in DealBook Our favorite part of the site is the silver whistle pictured on the homepage. Emblazoned with the agency’s logo, the whistle is a nod to the S.E.C.’s status as the whistleblower … Read more »
Is it a Security?
In my ongoing quest to distinguish what’s a security and what’s not a security, a new case came down from Missouri on the topic. Disgruntled purchasers of condominiums at the Branson Landing Hilton Promenade Boutique Hotel felt they got a bad deal and sued the seller/issuer to get their money back: Obester v. Boutique Hotel … Read more »
Comments on Advertising Restrictions for Private Funds
Section 201 of the recently passed Jumpstart Our Business Startups Act will change the advertising limits on private funds and any other company that raises capital through the private placement safe harbor in Rule 506 of Regulation D. That rule has historically prevented the use of general solicitation and advertising in selling private fund interests. … Read more »
Gathering Information on Your Private Fund Investors
One item that I picked up from PEI’s recent Private Fund Compliance Conference is the new way you need gather information about investors in your private fund for Form PF. I put Form PF to the side because my filing is not required until next year. However, there is a key March 31, 2012 date … Read more »
Private Equity Real Estate Top 30 – 2012 Edition
Private Equity Real Estate just released its ranking of the top 30 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. (Disclosure: my company is on the list.) 1 The Blackstone Group … Read more »
It’s Compliance and Ethics Week
A New Era of Fundraising and Marketing
These are my notes from the a New Era of Fundraising and Marketing session at the Private Fund Compliance Forum 2012. Panel Members: Julia D. Corelli, Partner, Pepper Hamilton LLP Kurt A. Krieger, Legal Director, Huntsman Gay Global Capital, LLC Jason Ment, Partner, General Counsel & Chief Compliance Officer, StepStone Group LLC Helane L. Morrison, … Read more »
Insider Trading and Restricted Lists
These are my notes from the “Insider trading and restricted lists” session at the Private Fund Compliance Forum 2012. Two items affect insider trading: federal securities law (10b5) and a firm’s code of ethics under the Investment Advisers Act. The panelists do not circulate a restricted list. The SEC will ask for the restricted list … Read more »
Conducting an Effective Annual Review
These are my notes from the “Conducting an effective annual review” session at the Private Fund Compliance Forum 2012. Moderator: Charles Lerner, Editor, The US Private Equity Fund Compliance Guide and The US Private Equity Fund Compliance Companion & Principal, Fiduciary Compliance Associates LLC Panel Members Nicholas Denton-Clark, Managing Director & Chief Compliance Officer, PineBridge … Read more »