Doug Cornelius on compliance for private equity real estate
Many real estate fund managers, used to the lack of regulatory oversight, are wrestling with the implications of Dodd-Frank. One of the biggest sources of hand-wringing is whether to register as an investment adviser given the removal of the 15 clients exemption from the Investment Advisers Act. Another agency is potentially making regulatory changes leading … Read more »
It’s a been a few days since the UK’s Bribery Act became effective, making some questionable corporate behavior become clearly illegal. There have been thousands of news stories, legal alerts, and dire warnings about the line in the sand drawn on its date of effectiveness, July 1. Now, there is a bit a waiting, a … Read more »
What better way to celebrate the independence of the United States than by taking the day off from work, grilling meat, and watching stuff blow up. In colonial Boston, official proclamations were read from the Old State House balcony, looking down State Street towards Long Wharf. Each July 4th, the Captain Commanding of the Ancient … Read more »
These are some compliance-related stories that caught my eye. Okay, so this first one is not about compliance, but about the Tour de France that starts on Saturday morning for its three week race across France. Top 10 Reasons Geeks Should Love the Tour de France in Wired’s GeekDad. Fraud in Commercial Real Estate: Tips … Read more »
One of the major tactics of hedge funds is to “arbitrage reality”, operating with a better understanding of a company and its stock price than other participants in the market. In a legitimate operation, that means lots of research. On the wrong side it means getting inside information about a company’s earnings, upcoming deals, and … Read more »
The most dangerous parts of managing risk are the risks you don’t expect. Looking back at my old four-box analysis, there are really two types of unexpected risks, the risk that you know that you don’t know and the risk that you don’t know that you don’t know. In the first case you know there … Read more »
They don’t examine investment advisers. Wyoming has long been on this list because it does not have a law regulating investment advisers. In Item 2 of Form ADV there was a box to check if your principal office and place of business was Wyoming. That kept you in SEC registration. The importance of whether a … Read more »
The SEC extended the deadline for private fund managers to register with the Securities and Exchange Commission as investment advisers from July 21, 2011 to March 30, 2012. That’s a long enough period of time for legislation to intervene and grant a new exemption for private equity fund managers. Dodd-Frank has a new exemption for … Read more »
These are some recent compliance-related stories that caught my eye: What ‘Inside Job’ got wrong by Ezra Klein in the Washington Post And ultimately, that’s what makes the financial crisis so scary. The complexity of the system far exceeded the capacity of the participants, experts and watchdogs. Even after the crisis happened, it was devilishly … Read more »
At an open meeting on June 22, the Securities and Exchange Commission adopted new rules under the Investment Advisers Act of 1940 aimed at investment advisers, private fund managers, venture capital funds, and family offices. Based on the statements at the meeting, there will be three new rules would: Delay Registration Deadline and a New … Read more »