Compliance Solutions for Investment Advisers

Monthly Archives: December 2013

SEC to Hold Compliance Outreach Program

The Securities and Exchange Commission announced the opening of registration for its Compliance Outreach Program’s National Seminar for investment companies and investment advisers.  The event is intended to help these firms’ Chief Compliance Officers (CCOs) and other senior personnel to enhance their compliance programs for the protection of investors. The SEC’s Office of Compliance Inspections

Massachusetts to Check Criminal Backgound

The Office of the Secretary of the Commonwealth, Securities Division is registered under the provisions of MASS. GEN. LAWS c. 6, § 172 to receive and review Criminal Offender Record Information (“CORI”) for the purpose of screening current registrants and otherwise qualified prospective registrants.   Subsequent to January 1, 2014 and pursuant to a change in

New SEC Final Rule

There is new joint Final Rule entitled: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds It weighs in at a mere 964 pages. I am going to start reading it now and will post a summary about this time next year. If you want

Venture Capital Guidance Update

On December 2, 2013, the SEC’s Division of Investment Management issued a new “Guidance Update” that provides some important interpretive guidance on the exemption from registration under the Investment Advisers act of 194 for certain venture capital fund advisers (the VC Exemption).  In particular, the Guidance Update clarifies that certain structures and practices common in

IARD User Fees

IARD user fees are always a source of confusion. That is because advisers swear up and down that they paid their renewal fees and this additional fee must be a mistake. But IARD user fees are separate and apart from your renewal fees. Renewal fees take care of your firm’s various registrations (e.g., state, notice

New Private Equity Registration Exemption??

The U.S. House of Representatives is expected to vote on legislation that would  exempt certain private equity fund advisers from U.S. Securities and Exchange Commission (“SEC”) registration and reporting rules. The Dodd-Frank Act significantly changed the adviser registration requirements. As a result, many advisers to private investment funds, including private equity funds, must register with

Policy Statement on Custody Requirements

In conjunction with the release of a preliminary report describing an initiative by the Registration, Inspections, Compliance and Examinations Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the “Division”) to examine advisers that registered with the Commonwealth as a result of the Dodd-Frank Act (“Switch Advisers”), the Division issued a policy

SEC Examiner Faces Criminal Charges

From the Financial Times: A veteran examiner with the Securities and Exchange Commission faces criminal charges for filing false government ethics forms over his ownership of bank stocks in violation of agency rules. Steven Gilchrist, a SEC examiner since 1996, was arrested on Tuesday morning on three counts of making false statements to the government.

SEC Advisers to Pay User Fees?

The recommendation of the Investor as Purchaser Subcommittee: “The SEC should request legislation from Congress that would authorize its Office of Compliance, Inspections, and Examinations (OCIE) to impose “user fees” on SEC-registered investment advisers, the revenue from which could be retained by the Commission to fund an enhanced investment adviser examination program including more frequent

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