Last year, the U.S. Securities and Exchange Commission looked at how many private equity firms calculate net of fees internal rates of return for their funds. The focus was on whether the performance figures disclosed if general partner investments are included in or excluded from that calculation. General partners in a private equity fund typically … Read more »
KC Royals and Compliance
Congratulations to the Kansas City Royals on winning the World Series. It was their first World Series in thirty years and a year after their heart-breaking loss in Game 7. Mrs. Compliance Building is from Kansas City and ecstatic about the club’s turnaround. The Mets faltered last night because of emotion. Starting pitcher Matt Harvey … Read more »
Compliance Bricks and Mortar for October 30
These are some of the compliance-related stories that caught my attention while getting ready for Halloween! The Results Are In – SCCE’s 2015 Salary Survey Report Is Now Available by Adam Turteltaub in SCCE’s Compliance & Ethics Blog The Society of Corporate Compliance and Ethics (SCCE)® is pleased to be able to provide you with … Read more »
SEC Brings a Real Estate Valuation Action
Real estate is the standard for hard to value assets. But there are plenty of models to help reach a reasonable value. The Securities and Exchange Commission has apparently taken the position that it will not challenge absolute valuations, but will challenge flaws in the models that get to the value. A recent SEC case … Read more »
OptOutside: REI Taking an Ethical Stance on Black Friday
I hate Black Friday. Being at a store in a sea of sleep-deprived shoppers to find bargains would likely make me lose a little faith in humanity. REI, the outdoor retailer, decided to stand behind its core value: “We believe a life outdoors is a life well-lived.” While the rest of the world is fighting … Read more »
Another Reminder of the SEC’s Concerns About Private Funds
You have likely heard all or some of these concerns before. Securities and Exchange Commission Chair Mary Jo White spoke at a meeting of the Managed Funds Association and pointed out areas of concern. One thing to note is Chair White stated that the Private Funds Unit in OCIE is completing a review of private … Read more »
Compliance Bricks and Mortar for October 23
These are some of the compliance-related stories that recently caught my attention. Two Games about Gifts for Corporate Compliance & Ethics Week by Ricardo Pellafone in SCCE’s The Compliance & Ethics Blog You know that your employees are competitive, so you know that a game show is more engaging than a Powerpoint lecture. But you’ve … Read more »
Private Fund Statistics
If you manage a private fund and are registered with the Securities and Exchange Commission, you spend a good chunk of April (and maybe more) filling out Form PF. Ever wonder what the SEC does with all that data? They publish an annual report on fund statistics, which was recently released. Form PF implemented Section … Read more »
The Female SEC Will be Taking on the Old Boys’ Club of Wall Street
President Obama nominated Lisa Fairfax and and Hester Peirce to fill the two vacant positions on the Securities and Exchange Commission. They will join May Jo White and Kara Stein. That leaves Michael Piwowar alone with his Y-Chromosome. Fairfax is a law professor and director for programs at George Washington’s Center for Law, Economics and … Read more »
Compliance Bricks and Mortar for October 16
I have been busy and not been able to post any of my own stories this week. Here are some other compliance-related stories that recently caught my attention. The Right Wing’s Assault on the Post Office – Smashing the Myth That It’s in Financial Trouble by Yves Smith in Naked Capitalism That year, the … Read more »