Doug Cornelius on compliance for private equity real estate
A panelists of fund compliance officers was moderator by a lawyer. The regulatory landscape is changing rapidly, so the compliance function needs to be able to change rapidly. Compliance should have a seat at the table and be embedded in key functions with conflicts and regulatory concerns. Bolted on compliance will be less effective. It’s … Read more »
I’m in New York for PEI Media’s Private Fund Compliance Forum 2018. If you are here in attendance, grab a guy with a bowtie and say “hi” to me. Depending on how many other people are wearing bowties, there is good chance it will be me. I’ll be typing up my notes and sending them … Read more »
Years ago we had heard that the Securities and Exchange Commission was looking at issues related to group purchasing agreements with private equity portfolio companies. A case has been announced. The SEC brought action against WCAS Management which runs the Welsh, Carson, Anderson & Stowe private equity funds. According to the order, WCAS entered into an … Read more »
These are some of the compliance-related stories that recently caught my attention. SEC Adds Fuel to the Best-Interest Fire by Aron Szapiro Many of us probably have fiduciary rule whiplash. On March 15, a court struck down the Department of Labor’s rules package, known as the fiduciary rule, placing in limbo the new rules as … Read more »
The Securities and Exchange Commission launched a new tool to help with investor protection: The SEC Action Lookup for Individuals – or SALI. (Is it pronounced “sally”?) SALI is a database of individuals who (1) have been parties to past SEC enforcement actions and against whom federal courts have entered judgments or (2) the SEC has … Read more »
Private Equity Real Estate has released its ranking of the top 50 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. 1 Registered Blackstone 2 Registered Brookfield 3 Registered Starwood Capital Group 4 Registered … Read more »
Yesterday I pointed out the fiduciary duty obligations laid out in the SEC’s new release. The other half of the release is a request for comment on three new proposals to enhance investment adviser regulation. Federal Licensing and Continuing Education Provision of Account Statements Financial Responsibility The SEC notes these as areas where the broker-dealer … Read more »
Of the trio of regulatory releases from the Securities and Exchange Commission last week, the one targeted at registered investment advisers is a little weird. It sets out the fiduciary duty of investment advisers, sort of, and proposes some new regulations. One of the problems with the fiduciary duty is that it is not explicitly … Read more »
One of the challenges that consumers face when dealing with a financial adviser is what it means to be a “financial adviser.” The terms financial planner, wealth consultant, stockbroker, investment adviser, financial consultant, and others get thrown around, leaving you how that person gets paid for helping you with your money. The Securities and Exchange … Read more »
Last week, the SEC’s office of Compliance Inspections and Examinations released a risk alert on Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers. It was a bit shocking. Shocking mostly because the issues are mostly mechanical procedural errors that were contrary to the investment advisory agreement: Using a different … Read more »