These are some of the other stories that recently caught my attention.
Tips for finding the dirt during due diligence on funds, managers by Liz Skinner in Investment News
Advisers who can describe an exhaustive process of researching the people and firms they recommend their clients invest with stand to gain the trust and confidence of those clients. Regulators, too, like to see a robust approach to due diligence. A hardy due diligence program, though, requires more than an Internet search for problems.
Document-Comparison Etiquette by Ken Adams in Adams on Contract Drafting
When you eventually revise MCSD to its third edition, could you consider adding an appendix that talks about redlining protocol? Here’s what routinely happens to me: I send the other side a draft marked using Microsoft Word’s “track changes” feature. Using that feature, they accept some of my changes, reject others, and make changes of their own that are tracked using the “track changes” feature.
The Franchise Tax Board’s Doing Business Legal Ruling – Ex Nihilo, Aliquid Fit by Keith Paul Bishop in California Corporate & Securities Law
Gotcha! Under Legal Ruling 2014-01, the venture capital fund’s attribute of “doing business” in California is attributed to its members under general principles of partnership law. Therefore, you are doing business in California and must file a tax return and pay taxes and fees.
Dark Pool Class Action Securities Suit Filed Against Barclays by Kevin LaCroix in the D&O Diary
On June 25, 2014, New York Attorney General Eric T. Schneiderman announced (here) that his office had initiated a lawsuit in the New York (New York County) Supreme Court against Barclays and a related Barclays entity, in which the Attorney General alleged that Barclays had “dramatically increased the market share of its dark pool through a series of false statements to its clients and investors about how, and for whose benefit, Barclays operated the dark pool.” In his complaint, a copy of which can be found here, the Attorney General alleges that contrary to reassurances the bank provided its clients that it had created special safeguards to protect them from “predatory” high-frequency traders, the bank instead operated its dark pool “to favor high-frequency traders.” The complaint, which alleges violation of New York’s Martin Act, accuses Barclays of engaging in a pattern of “fraud and deceit.”
Image of Bricks and Mortar is by Lee Netherton
CC BY SA