Doug Cornelius on compliance for private equity real estate
As part of Regulation BI package of regulatory changes, the Securities and Exchange Commission created a new Form CRS that needs to be delivered to “retail investors.” Of course there are questions from the industry. The SEC’s Division of Investment Management and Division of Trading and Markets created a website that answers Frequently Asked Questions … Read more »
These are some of the compliance-related stories I’ve been reading while digging out of the snow this week. Can the S.E.C. Force Repayment of Ill-Gotten Gains? by Peter HenningDealBook The issue before the Supreme Court will be whether a District Court can order a defendant to repay money obtained by fraud or trading on confidential … Read more »
Enjoy some time off. Eat too much. Get outside. Go for a bike ride. Read more »
Section 924(d) of Dodd-Frank requires the Securities and Exchange Commissions Office of the Whistleblower to report annually to Congress on Office’s activities, whistleblower complaints received, and the response of the SEC to those complaints. In addition, Section 21F(g)(5) of the Exchange Act requires the SEC to submit an annual report to Congress. The SEC published … Read more »
The Securities and Exchange Commission released its Fall Regulatory Flexibility Agenda, showing its expected rulemaking activity over the next year and updating the Spring edition of its agenda. I highlighted three items from the Spring Agenda: Amendments to the Marketing Rules Amendments to the Custody Rules for Investment Companies and Investment Advisers Harmonization of Exempt … Read more »
These are some of the compliance-related stories that recently caught my attention. Death Knell for Regulatory Guidance Hits Most Federal Agencies… Broc RomanekTheCorporateCounsel.net We’ve been covering the Administration’s gradual squeeze on regulatory guidance for some time (here’s our latest from April). As noted in this DLA Piper memo, President Trump signed two ‘Executive Orders’ recently that limit the … Read more »
Gregory M. Prusa was the Chief Compliance Officer of the Salus, LP, a hedge fund. Among other problems, Mr. Prusa made false or misleading statements in the Form ADV filing for Salus. Now he is barred from the securities industry. The general rule is the the CCO should only be subject to an action if … Read more »
The Securities and Exchange Commission charged Cameron G. High of Yellowstone Partners, LLP, of Idaho Falls, for fraudulently overbilling the firm’s clients and charging fees for work not performed. That amount to a total of over $11 million in excess charges from more than 100 of the firm’s clients. Mr. High faces up to 20 … Read more »
The Securities and Enforcement Commission’s Division of Enforcement release its 2019 Annual Report highlighting the 862 actions and $4.3 billion in disgorgement and penalties. The report emphasized actions against individuals. Excluding the Share Class Initiative cases, 69% of the standalone cases were against individuals. This is in line with cases filed during the past few … Read more »
These are some of the compliance-related stories that recently caught my attention. The SEC Cancels Another Open Meeting: What Gives? Broc RomanekTheCorporateCounsel.net The SEC has cancelled tomorrow’s open Commission meeting about proposing changes to its whistleblower office. I think this is the third cancelled open meeting in as many months. Does it matter? Not really. Is it … Read more »