These are some of the compliance-related stories that recently caught my attention. Court to Reconsider Authority of SEC Administrative Law Judges by Dave Michaels and Brent Kendall in the Wall Street Journal The U.S. Court of Appeals for the District of Columbia Circuit said it would reconsider an appeal that argues the SEC’s administrative courts … Read more »
Wealth Building by Stealing From Your Investors
Jim Toner wants to help you get rich investing in real estate. He has a “simple 3 step method the ‘experts’ and ‘gurus’ don’t want you to know about creating lasting wealth with real estate…” According to an SEC complaint those steps are lying to investors, taking undisclosed fees, and pocketing some of the capital. … Read more »
If You Say It, You Have To Do It
If your marketing materials say that you have “never, not once, taken even so much as a nickel” from potential referrals, you have to put that policy in place and enforce it. Jeffery Slocum & Associates told is clients this. Then some of its employees accepted golf tickets. The Securities and Exchange Commission is pretty … Read more »
The Next Real Estate Fund Manager To Fall
Scott M. Landress sponsored funds to invest in real estate private equity secondary transactions in 2006. When one of the funds got into trouble, Landress asked for additional fees. The fund advisory board said no. Landress later charged unauthorized fees for services provided by an affiliate. SLRA’s fund management fee was based on the net … Read more »
Compliance Bricks and Mortar for February 10
These are some of the compliance-related stories that recently caught my attention. WHY SHOULD I GIVE A %$#@! ABOUT OVERSEAS BRIBERY? by Matt Kelly in the FCPA Blog This is on my mind thanks to a recent column in the legal blog Above the Law, “Is Trump the End of FCPA Enforcement?” The author, … Read more »
President Trump’s Two for One Regulatory Reduction Is Headed to Court
It seems like just a week ago that President Donald Trump signed an Executive Order requiring two regulations be repealed for every new one adopted. It was. And this week a lawsuit has been filed challenging that executive order. The lawsuit was filed by Public Citizen, the Natural Resources Defense Council and the Communications Workers of … Read more »
The Five Most Frequent Compliance Topics in SEC Exams
The SEC’s Office of Compliance Inspections and Examinations published a list of the five compliance topics most frequently identified in deficiency letters that were sent to SEC-registered investment advisers. The five are actually the bulk of advisor compliance requirements. It’s the examples in the five topics that are the most useful indicators. Compliance Rule Compliance … Read more »
The SEC Is Making Room For A New Regulation
Although is questionable whether the Securities and Exchange Commission is subject to President Trump’s executive order calling for a reduction in the number of regulations, the SEC seems to be taking it to heart. Last week, Congress started the push to roll back the Extraction Disclosure Rule. This week, the SEC is looking to roll … Read more »
Comeback
It’s tough thinking about compliance this morning after staying up to watch the greatest comeback in Super Bowl history by one of the greatest quarterbacks, orchestrated by one of the greatest coaches. I reflect back humbly. I grew up with the red-uniformed Patsies. I remember the 1 and 2 win seasons. I remember the years … Read more »
Congress Disapproving The SEC Rule That Congress Made The SEC Make
Dodd-Frank made the Securities and Exchange Commission create a rule on the disclosure of payments by resource extraction issuers. The SEC finally got the rule out this fall. Now Congress is threatening to abolish the rule. Section 1504 of the Dodd-Frank Act directed the Securities and Exchange Commission to “issue final rules that require each … Read more »