Doug Cornelius on compliance for private equity real estate
Perhaps the Securities and Exchange Commission saw the government shutdown coming when it published its 2019 exam priorities on December 20. Compliance and Risks in Critical Market Infrastructure – Examiners will focus on entities that provide services critical to the proper functioning of capital markets, including clearing agencies, national securities exchanges, and transfer agents FINRA … Read more »
Stan Lee, the legendary writer and publisher of Marvel comics who helped created countless superheroes, has died. He was 95. On his own and through his work with collaborators Jack Kirby, Steve Ditko, Bill Everett. and others, Mr. Lee created Spider-Man, the X-Men, the Mighty Thor, Black Panther, Iron Man, the Fantastic Four, the Incredible Hulk, … Read more »
The Securities and Exchange Commission brought an action against SeaWorld Entertainment Inc. and its former CEO. They agreed to pay more than $5 million to settle fraud charges for misleading investors about the impact the documentary film Blackfish had on the company’s reputation and business. SeaWorld’s former vice president of communications also agreed to settle a fraud charge … Read more »
VSS Fund Management had a fund that was getting old. VS&A Communication Partners III was in its seventeenth year and still had two portfolio companies. Several limited partners wanted a liquidity option that would get them out of the fund. Providing that liquidity option got the firm in trouble. In accordance with the LP Agreement … Read more »
Since it’s back-to-school day for my community, I thought I would go back to the basics. The SEC’s Office of Investor Education and Advocacy 2014 Investor Alert identifies potentially fraudulent unregistered offerings with features that indicate a problem. The alert goes through 10 red flags for you to note about private placements. Private placements are not … Read more »
I read about a new red flag in the Securities and Exchange Commission’s exam process for investment advisers. Examiners are looking for Chief Compliance Officers with web-based email addresses. So, if your CCO uses a gmail, or yahoo.com email address on your Form ADV filing, the SEC will treat that as a red flag. This … Read more »
It was a brutal year for the cyclists in this year’s edition of the Tour de France. It’s always a brutal three weeks of racing, but teamwork helps separate the winners from the rest. Geraint Thomas came across the finish line in Paris as the first winner from Wales. His teammate and favorite to win, … Read more »
Alain Lille, CEO of Petronian Industries is not happy with the new government. He wants to protect his investment in the country of Petronia. His oil firm deployed a great deal of capital looking for oil in Petronia and had a contract with the government for production. A roadblock appeared in last year’s election. The … Read more »
One of the 2018 exam priorities for the Securities and Exchange Commission is “matters of importance to retail investors.” The SEC has found many problems with advisers selling their clients higher cost share classes of mutual funds that paid the adviser a fee. It’s not that a registered investment adviser can’t take that 12b-1 fee. … Read more »
PwC released the results of its latest State of Compliance survey. In this seventh iteration, PwC polled 825 risk and compliance executives worldwide about their organizations’ compliance polices and procedures, training, monitoring and technology. Only 17% said they are very satisfied with the effectiveness of their compliance programs. Another 45% said they were somewhat satisfied. Personally, … Read more »