Doug Cornelius on compliance for private equity real estate
Professional cycling is not a mainstream sport in the U.S., so I would guess that few reading this story share my love of the Tour de France. (With the notable exception of Tom Fox.) The race has several different competitions going at the same time, with a confusing mix of skinny guys, tarted up with … Read more »
These are some of the compliance-related stories that recently caught my attention. Developments in the Asset Management Industry by Itzhak Ben-David in the HLS Forum on Corporate Governance and Financial Regulation The rising concentration in the asset management industry and the rise of ETFs not only change the way investors invest, but also affect the … Read more »
With Chairman Jay Clayton in place, the Securities and Exchange Commission is now controlled by Republican appointees. Former Chair White came from a litigation and prosecutor background. Chair Clayton comes from a deal-making and capital formation background. I think we can guess the direction of the SEC for the next few years. Beyond the guessing, … Read more »
The case against Fei Yan was a fairly straight-forward insider trading case involving leaky M&A transactions. In this case, the leaks came from a junior corporate associate working on the transactions. We can only guess that she told her husband, Mr. Yan, about her day at work and revealed too much information. While Mr. Yan … Read more »
When this post gets published, I will have hopefully finished a 130 mile training ride across Massachusetts in preparation for the Pan Mass Challenge. I’m leaving my house in the middle of the night to be in Becket, MA by noon for parents’ weekend at my son’s summer camp. There is still time to support … Read more »
Martin Lomasney created a famous saying on the importance of discretion: “Never write if you can speak; never speak if you can nod; never nod if you can wink.” At the time of Lomasney, it was not email or Twitter, but telegrams that were the principal method of electronic communication. In the case of President Trump … Read more »
The Institutional Limited Partners Association (ILPA) released guidance regarding the use of subscription lines of credit facilities by private equity funds. ILPA outlines the risks and potential impact on limited partners. As with most potential conflicts, ILPA recommends better disclosure and greater clarity for their use. Subscription lines of credit are a great tool for … Read more »
I assume most of you are out of the office on Monday and Tuesday to celebrate the original Brexit in 1776. I’m out riding my bike to get ready for the Pan-Mass Challenge. (There’s still time to make a donation to fight cancer.) Read more »
These are some of the compliance-related stories that recently caught my attention. SEC’s Clayton Vows to Do More Exams with Less Funding in AdvisorHub SEC Chairman Jay Clayton testified to Congress on Tuesday morning that the agency will increase its examinations of investment advisers by 20% in the current fiscal year and nudge the numbers … Read more »
Earlier this month, the Securities and Exchange Commission released 23 new frequently asked questions (“FAQs”) on Form ADV to provide guidance on recent amendments to Form ADV. Those amendments become effective in October. These new FAQs include guidance on (i) the umbrella registration approach that many private fund sponsors use to register multiple affiliates and … Read more »