Doug Cornelius on compliance for private equity real estate
We get a bonus day this year with the once-every-four year appearance of February 29 tomorrow. That means an extra day to catch up on some compliance reading. Exam Recap: What’s hot during OCIE Examsby Carl AyersPrivate Funds CFO Don’t expect the SEC to admit to conducting new sweep exams but sources are telling sister … Read more »
Massachusetts is showing no patience for the Regulation BI and is imposing its own fiduciary standard on investment advice in the Bay State. The standard goes into effect when published on March 6, with enforcement coming into play on September 1. The standard in 950 CMR 12.207 will apply to any broker-dealer or agent in … Read more »
Every compliance officers knows that undisclosed revenue sources at the expense of advisory clients is going to get their firm in trouble. (That’s probably not true. But If you’re a regular reader of Compliance Building, you know that it leads to trouble.) The latest charge comes against Criterion Wealth Management. The SEC’s complaint alleges that … Read more »
Cases imposing liability against compliance offices catch my attention. An Illinois court just imposed a fine on the former chief compliance officer of The Nutmeg Group, a registered investment adviser and fund manager. David Goulding had previously agreed to be barred from association with any investment adviser. David Goulding must have thought things would go … Read more »
The New York City Bar is looking out for compliance officers. It published a comprehensive report on liability for financial firm compliance officers and ways the regulators can do a better job relating to compliance officers. “Financial firm compliance officers serve as essential gatekeepers to prevent, detect, and remediate violations of laws, regulations, and internal … Read more »
The rule that the late Paul Volker wanted to impose on banks was to stop them from engaging in proprietary trading. If the government was going to provide a back stop, then the banks should not be engaged in risky trading behavior with the protection of the federal government. Although the Volker Rule sounds easy … Read more »
The Securities and Exchange Commission Commission’s Office of Compliance Inspections and Examinations issued examination observations related to cybersecurity and operational resiliency practices taken by SEC registrants. This compilation of observations is based on OCIE’s observations of broker-dealer, investment advisers, clearing agencies, national securities exchanges and other firms that OCIE has taken a look at. It’s not clear if these … Read more »
Jeff and Paulette Carpoff had what sounds like a great idea to me: mobile solar generator units. These are solar generators that would be mounted on trailers that could provide emergency power to cellphone towers and lighting at sporting events. Plus there were generous federal tax credits due to the solar nature of the generators. … Read more »
With the growth of marijuana businesses across several states, many see it at a sector ripe for investment with the possibility of big returns. While states approve the sale of marijuana, it’s not entirely legal. Federal law still lists it as a controlled substance. That makes banking difficult and oversight difficult for investors. It also … Read more »
These are some of the compliance-related stories that caught my attention. Two Anti-Corruption Items of Note Matt KellyRadical Compliance Good news for anti-corruption enthusiasts looking for something to read — we have two fresh pieces of literature this week that you can study and shoehorn into your compliance programs. First, Transparency International just released its … Read more »