Doug Cornelius on compliance for private equity real estate
The Securities and Exchange Commission and the Commodity Futures Trading Commission extended the compliance date for the February 8, 2024 amendments to Form PF. The compliance date for these amendments was originally March 12, 2025 and has now been extended to June 12, 2025. For annual filers, that means the new requirements won’t kick in … Read more »
If you work in compliance at a shop that does buyouts, you know all about the filing requirements under Rule 13d-1 and the filing thresholds for Schedule 13D and Schedule 13G. Elon Musk doesn’t care. The SEC cares and finally filed the enforcement against Mr. Musk for his shenanigans around the acquisition of Twitter. The … Read more »
On Thursday November 7, the Securities and Exchange Commission produced an online compliance outreach program for registered investment adviser and investment companies. Here are a few notes and points that caught my attention. There were lots of video production issues and sound issues throughout the program. It kicked off with a welcome from Chair Gensler, … Read more »
“When the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial.” SEC v. Jarkesy The case presented three issues: (1) Whether statutory provisions that empower the Securities and Exchange Commission to initiate and adjudicate administrative enforcement proceedings seeking civil penalties violate the Seventh Amendment. … Read more »
We consider a challenge to the Final Rule by petitioners National Association of Private Fund Managers, Alternative Investment Management Association, Ltd., American Investment Council, Loan Syndications and Trading Association, Managed Funds Association, and the National Venture Capital Association collectively “Private Fund Managers”). For the following reasons, we VACATE the Final Rule. The central focus is … Read more »
“The Securities and Exchange Commission today announced that it will close its Salt Lake Regional Office (SLRO) later this year, reducing its regional footprint from 11 regional offices to 10.” The SEC’s Salt Lake City office has always stood out for covering such a small area. According to the press release, it has been the … Read more »
Film production is risky. There is need for capital to make the films and there are investors who want to say they helped fund a film. Christopher Conover had clients and investors who wanted to make those investments. Mr. Conover disclosed that he “receives fees related to Mr. Conover’s role as an Executive Producer for … Read more »
The Securities and Exchange Commission published its 2024 report on Form ADV data for investment advisers. The number of advisers and total assets have increased dramatically. From 2012 when Dodd-Frank implemented a change requiring fund managers to register the number of registered investment advisers and Exempt Reporting advisers has increased by 60% from 13,222 to … Read more »
Another fund manager was heavily fined for an employee making a political contribution. Wayzata Investment Partners had to pay a $60,000 fine. The Minnesota State Board of Investments made $300 million in commitments to Wayzata funds from 2007 to 2013. In 2022 a Wayzata employee made a $4000 campaign contribution to a Minnesota elected official who … Read more »
As part of the Wells Report in 1972, the Securities and Exchange Commission adopted its no-admit/no-deny policy. The SEC, in agreeing to settle a case, relinquishes the opportunity to present the case in court. The defendant relinquishes the right to defend the case in court, in the press, and in the eyes of the public. … Read more »