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 »
Thank You To All Who Have Served And Are Serving.
Don’t Charge Your Examination and Investigation Expenses to Your Funds
Most private fund documents allow the manager to charge the funds for expenses incurred in the operation of the funds. Most investors expect and most managers charge the funds for some of the legal expenses and consulting expenses. The Securities and Exchange Commission though Cherokee went too far in charging the funds for expenses related … Read more »
Twitter for Stock Manipulation
Twitter is stream of random thoughts, news, insightful commentary, boring stories, humor, sadness, food pictures, hate, love, and cat pictures. The internet as a whole. At least a few traders have used Twitter as stock pricing indicator. Theoretically, that means stories could be planted that would move the stock price of a company. One trader … Read more »
Compliance Bricks and Mortar for November 6
These are some of the compliance-related stories that recently caught my attention. Definition of Materiality Depends Who You Ask by Emily Chasan in the Wall Street Journal As CFO Journal reported on Tuesday, at least half a dozen standard setters, including the accounting rule makers, Securities and Exchange Commission and stock exchanges, have some guidelines … Read more »
Another Private Equity Fee Case from the SEC
When the Securities and Exchange Commission announced last year that it was not happy with the fees private equity funds were charging and how they were disclosed (or not disclosed) to investors, we expected enforcement cases to follow. They are here. The latest is against Fenway Partners for failing to disclose conflicts of interest to … Read more »