Doug Cornelius on compliance for private equity real estate
The Securities and Exchange Commission has been making lots of noise about how its unhappy with how private equity firms are allocating expenses to portfolio companies. And it has finally hit its first target. The SEC charged a a private equity fund manager with breaching its fiduciary duty to a pair of private equity funds … Read more »
The National Football League is by far the most popular sport in the US. NFL Commissioner Roger Goodell talks about what he calls “protecting the shield.” He originally handed down a two-game suspension to Ray Rice for a punch to the head of Mr. Rice’s fiance that left her lying unconscious on the floor of … Read more »
These are some of the compliance-related stories that recently caught my eye. The NFL’s True Problem: Misplaced Priorities Trumping Ethics & Compliance by Matt Kelly in Compliance Week Contrary to what you might believe lately, the National Football League does have an ethics & compliance program. What’s more, the program actually looks pretty good. Except, … Read more »
A recent action by the Securities and Exchange Commission caught my attention. The SEC charged a hedge fund manager with taking excess management fees. For a more exciting headline, the SEC press release says the excess fees were to “make lavish purchases.” Sean C. Cooper improperly withdrew more than $320,000 from a hedge fund he … Read more »
In early 2013, the Commodity Futures Trading Commission decided to grab for more regulatory oversight and revoked some long-standing exemptions. The CFTC also got handed the regulatory oversight of non-securities derivatives. As a result, private funds with interest rate hedges had to figure out if they had to register with the CFTC as a commodity … Read more »
In House of Debt, Atif Mian, an economist at Princeton University, and Amir Sufi, a finance professor at the University of Chicago, make the case that household debt was the 2008 recession’s main culprit. This is a nuanced view that differs slightly from the view that it was the 2007 home price decline. Mian and … Read more »
These are some of the compliance-related stories that recently caught my attention. Let’s Get This Straight, A URL Is Not An Address (At Least In This Case) by Keith Paul Bishop in California Corporate and Securities Law The tenant argued that the notice was defective because it included a URL (uniform resource locator) address rather … Read more »
The September 11 attacks resulted in the deaths of 2,977 victims. The victims included 246 on the four planes, 2,606 in New York City in the World Trade Center towers and on the ground, and 125 at the Pentagon. Nearly all of the victims were civilians. One was an employee of my company. Make a … Read more »
Section 16(a) of the Exchange Act and the rules promulgated thereunder apply to every person who is the beneficial owner of more than 10% of any class of any equity security of a public company, and any officer or director of a public company. The Securities and Exchange Commission announced a sweeping group of charges … Read more »
Are you familiar with SEC investigations pertaining to the following companies? Aladdin Capital Diamondback Capital Liquidnet Paradigm Capital SAC Capital Galleon Capital I admit that I only recognized SAC Capital and Galleon Capital. In a recent survey about half of alternative investment managers said that they were also familiar with those two cases. Half said … Read more »