During the summer of 2001, Mrs. Doug was stuck on the couch recovering from knee surgery. She stumbled across the coverage of the Tour de France, and especially Lance Armstrong, on the Outdoor Life Network. We were hooked, and ever since have been glued to the television during July to watch the beauty and competition … Read more »
The New SEC Presence Exams
The Securities and Exchange Commission has started it Presence Exams process. I have copies of letters from the New York Regional Office and the Boston Regional Office. The Presence Exams is part of an initiative to conduct “focused, risk-based examinations of investment advisers to private funds that recently registered with the commission.” The SEC has … Read more »
Royalty Is Not Always a Foreign Official
I’m not quite sure how royalty works in various parts of the world. From the latest FCPA Opinion release, the parties to a business deal also did not fully understand. The proposed business relationship has some serious red flags so I’m not surprised the parties requested the opinion. According to the release, submission for a … Read more »
Whistleblower Only Has to Believe There is Something Wrong
Whistleblower rights are growing stronger. The recent award of a reward in excess of $100 million to a whistleblower will certainly attract those looking for financial reward. Dodd-Frank not only increased the chances of getting a reward, it also provided broader rights to employees and the courts are starting to rule strongly in favor of … Read more »
SEC Brings a Pay-to-Play Action
The Securities and Exchange Commission filed a “pay-to-play” case against Goldman Sachs and one of its former investment bankers, Neil M.M. Morrison. The SEC alleges that Goldman and Morrison made undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor. The case was brought under the Municipal Securities … Read more »
Compliance Bits and Pieces for September 28
These are some of the compliance-related stories that recently caught my attention: Mass. Securities Chief Urges SEC to Establish Accredited Investor Methods under JOBS Act Reg. D Measure in Jim Hamilton’s World of Securities Regulations In a letter to the SEC, the Massachusetts Securities Commissioner and Secretary of the Commonwealth William Galvin said that in the proposed … Read more »
Why Have a Compliance Program?
I’m working on presentation for a continuing education program and decided to step back and look at the basics. I went all the way back to “why?” You Are Required Sometimes the answer is easy. You have to have a compliance program. Your company is in a heavily regulated industry that explicitly requires a formal … Read more »
No Language Barrier to Prosecuting Insider Trading
The Securities and Exchange Commission alleges that Waldyr Da Silva Prado Neto, a citizen of Brazil who was working for Wells Fargo in Miami, learned about an impending acquisition and profited illegally from insider information. The SEC was apparently undeterred by the language barrier in filing its action. The SEC claims that Prado, while a … Read more »
Recent SEC Document Request for Private Equity
It appears the Securities and Exchange Commission has started its initial examination program for newly registered investment advisers, including private equity fund managers. This is a recent document request list sent by Boston’s regional office: August Boston document request (.pdf). The request list is shorter than the typical request letter. This seems to be in … Read more »
Insider Trading is a Victimless Crime (?)
Dilbert September 13, 2012 Read more »