Bloomberg reported this week that the Commonwealth of Massachusetts plans to regulate expert-network firms, the first state in the U.S. to set rules for an industry that was caught up in the federal government’s insider-trading investigation. The proposed regulation will … Continued
The Wall Street Journal reported this week that hedge funds are bounding back, with investors pumping up the industry to a size not seen since before the financial crisis laid it low. Total hedge-fund assets are approaching $2 trillion and … Continued
In a bid to strengthen background checks and create stronger enforcement actions, investment advisers who are applying to become certified financial planners (or renew an existing certification) are now required to turn over information related to customer complaints.
Excellent article in today’s Wall Street Journal about how small hedge fund managers could bear the brunt of regulations spawned by the financial crisis. Registered investment advisers who have struggled with compliance for years are sure to have little sympathy for … Continued
Dear Compliance Professional, As a result of the many SEC audits we have participated in over the past few months, we have begun to get a clearer picture of what concerns the SEC most these days. While it is safe … Continued
For your convenience, we will be posting archives of our Compliance Alert! newsletter on the Compliance “Best Practices” blog. They can be found in the category of the specific topic addressed (e.g., “Risk Assessment”) and will be filed as of … Continued
On March 18, 2011, the SEC issued “Staff Responses to Questions About Part 2 of Form ADV.” Putting aside for the moment that the SEC waited until 13 days before the deadline to post this helpful material, there are a … Continued
The SEC is contemplating delaying the “forced” transition from SEC to State registration for investment advisers with less than $100 million in assets under management until Q1 2012. Originally slated for later this year, apparently the IARD system is ill-equiped … Continued
There is an interesting article in today’s Investment News about how some states have extended the filing deadline for the new ADV 2 (and I say this not just because I am quoted in the article). These states include: Connecticut … Continued
Dear Compliance Professional, While the SEC has provided detailed instructions regarding the new ADV Part 2, there are many open questions – as there typically are with new requirements – as to the practical implications of these instructions. Many of … Continued
Dear Compliance Professional, This past Friday (November 19th), the SEC proposed new rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). This brief Compliance Alert addresses one aspect of those proposed rule changes … Continued
Dear Compliance Professional, Big doings are certainly afoot in the regulatory world. Did I say big? These “doings” are of gargantuan proportions – earth shattering, paradigm shifting, game changing doings that will affect every financial services firm including all SEC … Continued