Doug Cornelius on compliance for private equity real estate
Private fund advisers managing $150 million or more of assets have been required to make annual filings on Form PF since 2012. (More often in some cases.) It’s really easy for the Securities and Exchange Commission to match the Form ADV data listing private funds to the Form PF filings for those funds. And it should be just…
There are a few different ways to calculate Assets Under Management. The SEC has prescribed ways to calculate Regulatory Assets Under Management. Often AUM and RAUM will differ depending on an adviser’s business model and client base. But you can’t just make up RAUM. Rubin Cedric Williams did so at his firm Vista Financial Advisors….
Regulatory Compliance Watch compiled information from the 14,400 advisers who filed a revised Form ADV at the end of March. RCW Exclusive: An Industry Portrait Drawn From Form ADV Data. For those of you who do not subscribe, here a few pieces of data that caught my eye. Registered investment advisers’ assets under management increased…
There are so many buckets for classifying clients and investors under the SEC regulatory standards. Lots of focus and discussion has been targeted at the “accredited investor” standard for private placements. The “Qualified Client” standard under the Investment Advisers Act seems to attract very little attention. Rule 205-3 under the Advisers Act exempts an investment…
Most investment advisers filed their form ADVs last week, before the March 31 filing deadline. That didn’t stop the Securities and Exchange Commission from publishing a new FAQ about Form ADV on April 6. Hopefully you got it right. There has been some questions about office locations that need to be disclosed on Form ADV…
BlueCrest Capital was wildly successful as a hedge fund for many years. Its principals were wealthy enough that they could start a new fund with their own money and dedicate traders to running that new proprietary fund. That’s okay, even if the trading strategies between the new proprietary fund the existing hedge fund overlap. Compliance…
We all have hobbies. Me?: Cycling, reading, kayaking. Some people have finance as a hobby. Sure you can spout off about finance. But, eventually you step into the world of financial regulation if your spouting off turns into financial advice. Marcos Tamayo of Las Vegas was an airline baggage handler by day and, apparently, became…
Investment advisers are often stuck with voting of equity securities on behalf of their clients. This falls under the investment advisers’ duties of care and loyalty with respect to services undertaken on the client’s behalf, depending on the authority granted to the adviser. The Securities and Exchange Commission issued two sets of interpretive guidance last…
The Securities and Exchange Commission has been working on a way for consumers to better understand the difference between securities brokers and investment advisers. The Department of Labor made an attempt with respect to retirement plans, but that is a mess. I’m not sure how much of a mess the new Regulation Best Interest is…
The Securities and Exchange Commission has made the industry very aware that it will look closely at the way private-equity firms handle fund expenses. The latest firm to get caught by the SEC for taking money from investors is Corinthian Capital. Corinthian agreed to the order, but it contains the usual carve-out that Corinthian neither…