Doug Cornelius on compliance for private equity real estate
These are some of the compliance-related stories in my reading list. Your General Counsel is Your CECO? Really? by Joseph E. Murphy There continues to be controversy about whether a company’s general counsel should also be the CECO, especially at large companies. Putting aside the question of whether this is a good idea, however, I … Read more »
Dodd-Frank created a new legal definition for a “private fund” as pooled investment vehicles that are excluded from the definition of “investment company” under the Investment Company Act of 1940 by section 3(c)(1) or 3(c)(7) of that Act. Under 3(c)(1), the main limitations are that you have one hundred or fewer holders of beneficial interest … Read more »
These are some of the compliance-related stories that recent caught my attention. Yes! Compliance Goes Hollywood! by Matt Kelly in Radical Compliance Compliance officers, rejoice! The fame and recognition so long denied to you may finally be at hand! The FX network has commissioned the pilot for a new TV series STARRING A COMPLIANCE OFFICER!!! It … Read more »
Augustine Capital Management did many things wrong while managing its Augustine Fund. One highlight or the misdeeds is using fund assets to make conflicting transactions without notifying investors. The fund charged the salaries of two principals, Thomas F. Duszynski and John T. Porter, as fund operating expenses. According to the fund documents, the management fee was supposed … Read more »
One of the complaints voiced by private equity firms when put under the scrutiny of the Securities and Exchange Commission was that their fund investors were sophisticated and adept when making their investment choices so there were fewer problems. Some of the actions coming out of fund review has proven that thesis may not be … Read more »
These are some of the compliance-related stories that recently caught my attention SEC Names Peter B. Driscoll as Director of the Office of Compliance Inspections and Examinations Mr. Driscoll was named as OCIE’s first Chief Risk and Strategy Officer in March 2016 after previously serving as OCIE’s Managing Executive from February 2013 through February 2016. … Read more »
Expenses charged by private equity managers to their portfolio companies and their funds has been on the SEC’s radar since Dodd-Frank. Apollo Management was one of those caught with improper fee calculations last year. One item mentioned was the inappropriate expenses charged to the funds by one of its partners. We got more detail on … Read more »
These are my notes from an ACA Compliance Webcast on this subject. I’m sure you can find a replay on the ACA website. There were three great presenters: Alicia Hyde, Partner, ACA Performance Services Mike Sonnenburg, CIPM, Managing Director, ACA Performance Services Kim Daly, Managing Director, ACA Compliance Group Definitions The first topic was what … Read more »
With the threat of war (or the crazy rantings about war) with North Korea, I thought I should learn more about the history of the conflict. I realized that most of what I knew about Korea and the Korean War I had learned from MASH. In browsing through books to read on the issue, I … Read more »
These are some of the compliance-related stories that recently caught my attention. 6 Trends in AML Compliance by Ambreesh Khanna Anti-money laundering regulations (AML), including Know Your Customer (KYC) requirements, are hardly a new concept in the world of financial services. Over the years, financial institutions have largely mastered the mechanics of compliance. There is, … Read more »