Doug Cornelius on compliance for private equity real estate
I’m sure many people are surprised at the decision from the Supreme Court that federal employment discrimination law protects gay and transgender employees. Title VII of the Civil Rights Act of 1964 prohibits employment discrimination “because of sex.” Even if Congress did not have discrimination based on sexual orientation or transgender status in mind when … Read more »
Should the rule making process continue for regulations that are not related to COVID-19? At least 21 state attorneys general say “no.” In a letter to the Acting Director of the federal Office of Management and Budget, the attorneys general want the federal bureaucracy to prioritize regulations that are responsive to the pandemic while generally freezing … Read more »
The SEC’s Office of Compliance Inspections and Examinations issued a statement on operations and exams during the pandemic. OCIE is still operational and can still run exams. They will be off-site through correspondence, unless necessary to be on site. I assume this means that OCIE is focusing on firms suspected of fraud and is limiting … Read more »
We are in extraordinary times. To me it feels like a combination of the days after 9-11 and the 2008 Lehman collapse. We are sheltered in place, fearful for our lives and the economy is grinding to a halt. Our government came up short in its response to pandemic. (I try to keep this blog … Read more »
In September 2019, the U.S. Department of the Treasury issued proposed regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Part of those proposed real estate transactions passing ownership to a foreign person near critical locations. The final regulations came out and are largely unchanged. The regulations extend CFIUS jurisdiction to … 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 »
For private funds to comply with the Custody Rule, they usually rely on the annual, independent audit prong for compliance. That rule requires an audit from an auditor that is subject to audit as defined in Regulation S-X. The SEC has proposed some changes to Regulation S-X that affect the auditor independent framework. “Many of … Read more »
From my family to yours. I hope your year ends with joy and that 2020 is even better. Read more »
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 »
“[T]o satisfy their duty of loyalty, directors must make a good faith effort to implement an oversight system and then monitor it.” Marchand v. Barnhill, 212 A.3d 805 (Del. 2019) Clovis Oncology’s stock dropped sharply in 2015 when it disclosed poor clinical trial results for Rociletinib a promising experimental drug for the treatment of lung … Read more »