Private Funds Rule is Vacated

We consider a challenge to the Final Rule by petitioners National Association of Private Fund Managers, Alternative Investment Management Association, Ltd., American Investment Council, Loan Syndications and Trading Association, Managed Funds Association, and the National Venture Capital Association collectively “Private Fund Managers”). For the following reasons, we VACATE the Final Rule. The central focus is … Read more »

Goodbye Salt Lake City

“The Securities and Exchange Commission today announced that it will close its Salt Lake Regional Office (SLRO) later this year, reducing its regional footprint from 11 regional offices to 10.” The SEC’s Salt Lake City office has always stood out for covering such a small area. According to the press release, it has been the … Read more »

Investment Adviser Statistics

The Securities and Exchange Commission published its 2024 report on Form ADV data for investment advisers. The number of advisers and total assets have increased dramatically. From 2012 when Dodd-Frank implemented a change requiring fund managers to register the number of registered investment advisers and Exempt Reporting advisers has increased by 60% from 13,222 to … Read more »

Customer Identification Programs are coming for private fund managers

The Securities and Exchange Commission and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers and exempt reporting advisers to have customer identification programs (CIPs). The proposed rule is designed to prevent illicit finance activity involving the customers of investment advisers. The … Read more »

Compliance Bricks and Mortar for May 10

These are some compliance-related stories that recently caught my attention. SEC Grants $2.4 Million Whistleblower Award to Compliance Official by Geoff SchwellerWhistleblower Network News The SEC order further clarifies that while the whistleblower learned of the misconduct in a role where their principal duties involve compliance or internal audit responsibilities, they were eligible for an … Read more »