Doug Cornelius on compliance for private equity real estate
In addition to filing Form ADV with the SEC when they register with the Securities and Exchange Commission, private fund managers will also need to start filing Form PF. I received a helpful reminder about this last week form SEC’s IARD system. (I’ll need to get used to messages with the subject line: “Firm 158137: … Read more »
These are some compliance-related stories that recently caught my attention: SEC commissioner, deputy director in public flap over private funds by Mark Schoeff Jr. in Investment News Just as a new regulation requiring private-investment funds to register with Securities and Exchange Commission is about to go into effect, an agency official said that the regulator … Read more »
Today, it’s fairly well establish that an investment adviser should not be buying positions on their own behalf shortly before recommending that position to its clients. Fifty years ago, there was some question as whether the Securities and Exchange Commission could take steps to prevent this or require disclosure. The test case came against Capital … Read more »
The SEC posted a warning on Bogus E-Mail Purporting to be from SEC Office of the Whistleblower. The SEC’s Office of the Whistleblower is real; the e-mail is a hoax. Earlier this week I received an angry email complaining about spam sent by me. That left me a bit confused because I don’t send out … Read more »
As a result of the shifting boundaries between state and federal regulation of investment advisers, NASAA created a model rule for Registration Exemption for Investment Advisers to Private Funds. The rule tracks the general parameters of the new federal rules for investment adviser registration for private fund advisers. Massachusetts became the latest state to adopt … Read more »
The first question is what is a CPO and why should I care? The Commodities and Futures Trading Commission decided to tighten the exemptions from registration potentially pulling some hedge funds and private equity funds that previously ignored the CFTC. Davis Polk held a webinar on this topic. Some private fund managers may get the … Read more »
These are some stories that recently caught my attention: Behind the Crackdown on Insider Trading by Peter J. Henning in the NYtimes.com’s DealBook One reason prosecutors have pursued it is the explosive growth of hedge funds and investment advisory firms, which trade billions of dollars worth of securities and have a voracious appetite for information … Read more »
The SEC has been poking around valuations for a while. First it was from the chaos of the 2008 financial crisis. The sudden illiquidity and drop in prices left many scratching their heads about the proper valuations for their assets. That was the main charge against the Bear Stearns hedge fund managers. The Justice Department … Read more »
Identity theft is a serious problem. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act increased the scope of firms that would be subject to federal regulatory requirements on identity theft rules. The Securities Exchange Commission and the Commodities Futures Trading Commission just published a proposed rule addressing that new scope. Section … Read more »
Sometimes things just go wrong. No matter how hard you try (or don’t) you need to expect the unexpected. Software and systems inevitable break and go down. And when a system goes down, it will inevitably go down at the least convenient time. The key is testing, redundancy, and back-up. You can’t prepare for all … Read more »