These are some of the compliance-related stories that recently caught my attention. Professional SEC Whistleblower Firm Seeks Investors to Finance Investigations by Bruce Carton in Compliance Week Now, it appears that the first generation of professional whistleblowers is upon us. The ABA Journal reports that Ted Siedle, a former SEC lawyer who is now an “industry … Read more »
Category: Compliance Programs
SEC Warns About Exemptive Order Compliance
The SEC’ Division of Investment Management issued new guidance to reminds firms to comply with conditions and representations in exemptive orders. The guidance suggests that firms “adopt and implement policies and procedures reasonably designed to ensure ongoing compliance with each representation and condition in any such order.” The guidance was triggered by June 2011 report … Read more »
Compliance Bricks and Mortar for May 3
These are some of the compliance-related stories that recently caught my attention. SAC to Begin Clawing Back Compensation in Insider Trading Cases by Peter Lattman in DealBook On Thursday, Mr. Cohen sought to convince SAC investors and regulators that he takes compliance seriously. In a letter to his investors, Mr. Cohen announced a broad set … Read more »
How technology can improve your compliance process
These are my notes from the Private Fund Compliance Forum 2013. Jacqueline M. Giammarco, Esq., Chief Compliance Officer, Stone Point Capital Stephen Pope, East Regional Sales Manager, Smarsh Shawn Pride, Partner, Ernst & Young LLP Arthur Zuckerman, Chief Operating Officer, Chief Compliance Officer & Partner, Avista Capital Partners Think about how the technology can help … Read more »
Massachusetts Proposes New Regulations Related to Investment Adviser Representative Registration
On March 15, 2013, the Massachusetts Securities Division started the process to amend the regulations for investment adviser representative (“IAR”). The proposal would require an IAR applicant to submit to a review of the Massachusetts Criminal Offender Record Information (CORI) of the applicant. The Division believes that it is in the public interest and for … Read more »
No Extra Time for the SEC
The United States Supreme Court adopted a strict interpretation of the five-year period in which the Securities and Exchange Commission may seek to impose a civil penalty on a registered investment adviser. In Gabelli v. SEC the Supreme Court ruled that when the government acts in an enforcement capacity seeking civil penalties, it cannot benefit … Read more »
Investment Adviser Certified Compliance Professional
Just tooting my own horn today. I finally fulfilled the requirement to become an Investment Adviser Certified Compliance Professional®. With the SEC’s registration requirement for private fund managers, I took a closer look at what the SEC requires for compliance professionals. Rule 206(4)-7 imposes no particular requirements on a chief compliance officer. The SEC release … Read more »
Do You Fit In?
Sometimes you have to feel like compliance does not fit into the overall strategy of the business. It’s not that a business should operate out of compliance. It’s just that compliance can feel like a misaligned part of the business. The vast majority of employees want to operate within the normal boundaries of the law … Read more »
Have You Disclosed Your Derivatives Positions?
The Securities and Exchange Commission filed charges against a fund manager and its subadviser for their extensive use of derivatives. From April 2007 through October 2008, the Fiduciary/Claymore Dynamic Equity Fund engaged in derivative strategies to supplement the Fund’s primary investment strategy. But the Fund failed to include adequate disclosure about the risks to the … Read more »
How Effective is Your Gate?
Does your compliance program sometime feel like this gate? A tool working alone is not necessarily effective. It may be a great tool, but still not be effective. If it’s easy to get around then it’s not effective. Do you even know if people are going around? Is it even possible to know if they … Read more »