The SEC has released its proposed changes to Form ADV to better deal with private fund registration and the exempt, but reporting required of venture capital funds: Release No. IA-3110 The Securities and Exchange Commission is proposing new rules and rule amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank … Read more »
Year: 2010
Can I Be a Venture Capital Fund Manager?
That was one of the topics for the Securities and Exchange Commission Open Meeting on November 19. In Shapiro’s opening remarks, it was clear that the SEC wants all private funds to register. Even thought venture capital funds are exempt from registration, they will need to supply information to the SEC. The key in defining … Read more »
Compliance Bits and Pieces for November 19
Here are some recent compliance related stories I found interesting. SEC Charges Two Longtime Madoff Employees with Fraud The Securities and Exchange Commission today charged a pair of longtime employees at Bernard L. Madoff Investment Securities LLC (BMIS) with playing key roles in the Madoff Ponzi scheme. One employee produced phony account statements for investors … Read more »
Another CCO in Trouble
With failure, comes learning. As a compliance officer, disciplinary actions against other compliance officers can be a road map showing me what not to do. Recently, the SEC charged affiliated firms and their former chief compliance officer with failing to have adequate policies and procedures to prevent misuse of nonpublic information. Section 204A and Rule … Read more »
Securities and Exchange Commission’s FY 2010 Performance and Accountability Report
In June 2010, the SEC approved a new strategic plan for its fiscal years 2010 – FY 2015. The plan set out the agency’s mission, vision, values, and strategic goals. It also had a detailed list the outcomes the SEC wanted to achieve and the performance measures that will be used to gauge the agency’s … Read more »
SEC to Consider New Rules for Fund Managers
On Friday, The Securities and Exchange Commission will be considering rules that should be of interest to private investment fund managers. It looks like we may have the first look at how the SEC will define a venture capital fund and who will fit into that new exemption to registration under the Investment Advisers Act. … Read more »
Have you been Dodd-Franked?
On Thursday, December 2nd, 2010, I will be part of panel discussing some of the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act on real estate investment management firms. The session is open to the public, but not free. Panelists John Schneider, Principal, KPMG LLP Paul D. Schwartz, Partner, Goodwin Procter LLP … Read more »
Europe’s New Directive on Alternative Investment Fund Management
The European Parliament has approved the Directive on Alternative Investment Fund Managers. European countries will now be setting up a framework for regulating hedge funds and private equity funds. The AIRM Directive passed with 513 votes to 92 with 3 abstentions on November 10. Under the Directive, an “alternative investment fund” is any collective investment … Read more »
Compliance Bits and Pieces for November 12
Here are some compliance-related stories that I found interesting: Stanford Moved After More Fisticuffs Leaves Him Bruised and Bloodied by Ashby Jones in WSJ.com’s Law Blog He was granted a transfer Monday from a private Texas jail to a federal one closer to his lawyers in downtown Houston. The transfer came in the wake of … Read more »
Salute a Veteran
U.S. President Woodrow Wilson first proclaimed an Armistice Day for November 11, 1919. “To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory, both because of the thing from which it has freed … Read more »