Eighteen months ago, Andrew Bowden gave his Sunshine speech on the SEC’s disapproval of private equity fee compliance. Now, enforcement cases are being finalized on private equity fees. The SEC is just now finishing a focus on real estate funds. Should we be looking for real estate fund enforcement cases on the horizon? While listening … Read more »
Rapid-Fire, Nuts & Bolts Tips from Former Regulators Now in the Private Sector
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. Luis Mejia, Partner, Perkins Coie, Washington, D.C.; Walter Ricciardi, Partner, Paul, Weiss, Rifkind, Wharton & Garrison, New York; and Bruce Karpati, Global CCO/Director, KKR, New York provided their view, now that they are on the other side. You … Read more »
The Asset Management Unit: Reflecting and Moving Ahead
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. Anthony Kelly, Assistant Director, SEC’s Asset Management Unit, shared some of the activities of this part of the Securities and Exchange Commission. For fees, the Unit is looking mis-allocation of private equity fees and expenses and whether the … Read more »
Discover the Priorities and Perspectives of the Office of Compliance Inspections and Examinations
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. Marc Wyatt, Director, SEC’s Office of Compliance Inspections and Examinations, gave his perspective on the priorities that lie ahead for OCIE. Marc Wyatt Named Director of the Office of Compliance Inspections and Examinations last week. He emphasized that … Read more »
Investment Management: What’s Next on the Rulemaking Front
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. Norm Champ, Investment Management Law Lecturer at Harvard Law School and former SEC IM Division Director, New York; and Robert Plaze, Partner, Stroock & Stroock & Lavan, Washington, D.C. came ready to talk about a broad range of … Read more »
Red-Hot SEC Enforcement Priorities
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. William McLucas, Mark Schonfeld and Frank ______ spoke on what is happening on the enforcement side of the Securities and Exchange Commission. The Madoff fraud and the 2008 financial crisis are still driving forces for SEC enforcement. The … Read more »
Coping With Regulatory Change – Office of Investor Advocate
I’m attending a conference sponsored by IA Watch: Coping with Regulatory Change. These are my brief notes. Rick Fleming, Director of the Office of Investor Advocate at the Securities and Exchange Commission, started with a keynote. His office and position was created by Dodd-Frank. He currently has a staff of ten people. (One of the … Read more »
Compliance Bricks and Mortar for November 13
These are some of the compliance-related stories that recently caught my attention. Compliance Officers Think Regulators Are Targeting Them By Samuel Rubenfeld in the Wall Street Journal’s Risk & Compliance Journal Thomson Reuters, for its Personal Liability Report, found that 93% of compliance professionals expect their personal liability to increase over the next year, with … Read more »
The SEC Frowns Upon Outsourced CCOs
Apparently, the Securities and Exchange Commission was running a sweep of firms with outsourced CCOs. The Office of Compliance Inspections and Examinations “stopped by” 20 registered firms that outsourced their CCOs to third parties. The SEC published a new risk alert to let us know what they found. Surprisingly, the SEC did not paint a … Read more »