Compliance Bricks and Mortar for May 6

These are some compliance-related stories that recently caught my attention. A Best Lawyers List Is Suing Another Best Lawyers ListBy Jacob Gershman [The New Jersey Supreme Court-appointed committee on attorney advertising] cautioned New Jersey attorneys against touting dubious distinctions. While lawyers in the state may promote their inclusion in lawyer directories like “Super Lawyers” or … Read more »

MNPI Compliance Issues

For my fellow nerds, “May the Fourth” be with you. For my fellow compliance nerds, hopefully you didn’t miss the new risk alert from the Securities and Exchange Commission’s Division of Examination on Material Non-Public Information. Section 204A of the Investment Advisers Act requires all investment advisers, registered and unregistered, to have written policies and … Read more »

Two New Commissioners on Tap for the SEC

With one current vacancy and a second upcoming vacancy, the Securities and Exchange Commission needs some new blood. President Biden nominated two new commissioners to help the agency regain its full population. Jaime Lizárraga has been nominated to fill a Democratic seat currently occupied by commissioner Allison Lee. She has stated that she is resigning, … Read more »

FINRA and CCO Supervisory Liability

FINRA released regulatory notice 22-10 that said it generally considers the role of compliance chief an advisory position rather than a supervisory one. Rule 3110 (Supervision) imposes specific supervisory obligations on member firms. The responsibility to meet these obligations rests with a firm’s business management, not its compliance officials. The CCO’s role, in and of … Read more »

SEC Offers Up a Buffet of Private Fund Regulations

At its open meeting on February 9, the Securities and Exchange Commission offered up a buffet of proposed regulations of private funds. It’s really an all-you-can eat buffet with six proposed changes across a variety of areas. The SEC wants private funds to send out quarterly statements to private fund investors. It doesn’t seem that … Read more »