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Communiques

The latest compliance news from SEC3 and CCO3.

SEC Registration Deadline: What We Can and Can't Tell You

April 26, 2011

SEC Associate Director Robert Plaze's April 8th letter to David Massey, President, North American Securities Administrators Association, Inc. ("NASAA") states, "We anticipate that the Commission will complete its implementing rulemaking by July 21, 2011 in accordance with the Dodd-Frank Act, but expect in connection therewith that the Commission will consider providing additional time for investment advisers affected by these provisions to come into compliance."

Read more: SEC Registration Deadline: What We Can and Can't Tell You

 

Beware: Making Political Contributions Could Limit your Business Opportunities

March 14, 2011

Pay to play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts. Advisers Act Rule 206(4)-5 prohibitions are intended to capture not only direct political contributions by investment advisers, but also indirect pay to play arrangements.

Read more: Beware: Making Political Contributions Could Limit your Business Opportunities

 

Avoiding a Public Offer Through Private Fund Materials and Communications

January 13, 2011

We believe the beginning of 2011 is a suitable time to address several key issues facing investment advisers to private funds as they come to grips with the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") and ultimately, registration with the Securities Exchange Commission ("SEC") or applicable states.

Read more: Avoiding a Public Offer Through Private Fund Materials and Communications

 

Application of the Adviser Act's Advertising Rule to Private Fund Managers

January 03, 2011

The holidays provide the opportunity for us take a step back from the routine, remind ourselves of our priorities, and gain fresh perspective. Instead of being forced back to work and feeling completely apprehensive about returning to our professional duties, we can actually view the process with an appreciation for renewed perspective.

Read more: Application of the Adviser Act's Advertising Rule to Private Fund Managers

 

Procrastination...

October 12, 2010

The effective date for the amended rules pertaining to the new ADV Form Part 2 is today, October 12th, 2010. Fortunately existing advisers have some lead time to comply. That being said, most must meet the requirements by March 31st, 2011[1] which will be before us in no time.

Read more: Procrastination...

 

Private Fund Adviser Registration

September 28, 2010

Since the adoption of the Private Fund Investment Advisers Registration Act of 2010 on July 21, 2010, we have only registered a handful of private fund advisers with the SEC. However, we have or are currently assisting many private fund advisors with developing a compliance program that will satisfy the Investment Advisers Act of 1940.

Read more: Private Fund Adviser Registration

 

Guide to SEC Registration for Private Fund Managers

July 26, 2010

Our Guide to SEC Registration for Private Fund Investment Advisers is a comprehensive guide to the registration process and ongoing compliance requirements after registration. The guide also includes a detailed discussion of the required disclosure in Form ADV Part II, based on the SEC's newly adopted ADV requirements.

Read more: Guide to SEC Registration for Private Fund Managers

 

SEC Chicago letter resend to non-opens

June 14, 2010

If your firm has never been examined by the Securities and Exchange Commission ("SEC"), your firm may now be shining a little brighter on the SEC's radar screen.

Read more: SEC Chicago letter resend to non-opens

 

GS Case Will Ripple Through Industry

May 04, 2010

As widely reported and commented upon, on April 16, 2010, the Securities and Exchange Commission ("SEC") brought charges against Goldman, Sachs & Co. ("Goldman Sachs") for allegedly "defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter". The SEC claims Goldman Sachs failed to disclose vital information about an investment opportunity to investors.

Read more: GS Case Will Ripple Through Industry

 

Reg SHO - "SHO" me the money

April 20, 2010

The Securities and Exchange Commission ("Commission") recently voted to amend Regulation SHO, the short selling rule under the Securities Exchange Act of 1934 ("the Rule"). The effective date of the rule is May 10, 2010 and the compliance date is November 10, 2010. The amendments, and the process leading up to the vote itself, were not without significant debate, controversy and consternation among market participants.

Read more: Reg SHO - "SHO" me the money

 

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Newsletter

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Communiques

Pre-Dating & Back-Dating are Equally Risky

The SEC today suspended three accountants formerly of BDO USA LLP for improper professional conduct during its 2013 audit of AmTrust Financial Services Inc., an exchange-listed insurance company. According to the... read more »

Fiduciary Duty

On Friday, September 28, 2018 the SEC charged LendingClub Asset Management (LCA) and its former president Renaud Laplanche with fraud for improperly using fund money to benefit LendingClub Corporation (LendingClub),... read more »

Exciting Summer Project -- Dig Into Some Sand or Dig Into Your Firm's Best Ex Pr…

The Office of Compliance Inspections and Examinations (OCIE) issued a risk alert July 11 targeting investment advisers’ most common deficiencies with regard to their best execution obligations under the Investment... read more »

SEC Adopts Fund Liquidity Reporting and Disclosure Changes

The final week of June was a busy one for SEC releases following the SEC’s June 28th open meeting. Among these was a revisit of Rule 22e-4 under the Investment... read more »

More SEC Settlements - This Time Form PF Filing Deficiencies

On June 1st, the SEC announced settlements with 13 RIAs who repeatedly failed to file Form PF reports. Most of these firms never filed over the review period (2012 through... read more »

Two Recent Enforcement Actions Against Private Fund Advisers

The industry should not misinterpret the SEC’s 2018 National Exam Program Priorities as a shift away from private fund advisers. As discussed during the SEC’s recent National Compliance Outreach Seminar... read more »

Events

Chief Compliance Officer Roundtable: Breakfast Briefing - November 8, 2018

When: November 8, 2018 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone: 212.885.5000 Schedule: 9:00-9:30am - Networking...

Dorsey PF 2018 Symposium

When: September 26, 2018 (8:30 am - 6 pm Where: Dorsey & Whitney LLP | 51 W. 52nd Street | New York, NY 10019 Directions > SEC3’s President, Janaya Moscony will join...

Chief Compliance Officer Roundtable: Breakfast Briefing - June 14, 2018

When: June 14, 2018 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone: 212.885.5000 Schedule: 9:00-9:30am - Networking...

Webinar: 2018 SEC Exam Priorities & Recent Exam Highlights

Don’t miss the opportunity to meet with us in person to discuss the topics that matter most to you. Tobin S. Cochran, Managing Member/President of Focus 1 Associates, LLC and...

Chief Compliance Officer Roundtable: Breakfast Briefing - February 7, 2018

When: February 7, 2018 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone: 212.885.5000 Schedule: 9:00-9:30am - Networking...

Upcoming Events - September & October 2017

Upcoming Events Don’t miss the opportunity to meet with us in person to discuss the topics that matter most to you. SEC3 is teaming up with industry experts in NYC to discuss...

May 23, 2017 - Webcast: WannaCry Ransomware: Were You Really Protected or Just L…

When: Tuesday, May 23rd, 2017 | Schedule: 12pm - 1pm EST Who: Paul Caiazzo, CEO and Co-Founder, TruShield Security Solutions Michael Brice, Founder, BW Cyber Services John Lukan, Managing Director, SEC Compliance Consultants, Inc. We...

June 14, 2017 - Compliance Breakfast Briefing

8:30-9:00am - Networking and Continental Breakfast 9:00-10:30am - Program Location: Willkie Farr & Gallagher LLP | 600 Travis Street | Suite 2310 | Houston, TX Barry Barbash from Willkie Farr & Gallagher LLP,...

June 13, 2017 - Compliance Breakfast Briefing

8:30-9:00am - Networking and Continental Breakfast 9:00-10:30am - Program Location: Haynes and Boone, LLP | 2323 Victory Avenue | Suite 700 | Dallas, TX 75219 Validated parking is available in the garage attached...

May 31, 2017 - Chicago

9:00-9:30 a.m - Networking and Continental Breakfast 9:30-11:00 a.m - Program Location: Baker & McKenzie LLP | 300 East Randolph Drive | Suite 5000 | Chicago, IL 60601 Kristin Gonzalez and Jerome Tomas...

May 17, 2017 (NYC WIMF)

This event is by invitation only. Please email info@seccc.com to learn more.

May 15, 2017 (NYC Chief Compliance Officer Roundtable)

9:00-9:30am - Networking and Continental Breakfast 9:30-11:00am - Program Location: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone:...

Webcast: The Most Insidious Cybersecurity Threat Is Also The Least Understood

When: Tuesday, April 25th | Schedule: 12pm - 1pm EST Who: Paul Caiazzo, CEO and Co-Founder, TruShield Security Solutions Michael Brice, Founder, BW Cyber Services John Lukan, Managing Director, SEC Compliance Consultants, Inc. Ransomware, the...

CCO Liability (Part III): Managing Liability Webinar

In this webinar, panelists discuss indemnifications and insurance as potential remedies to address the direct financial risks to a CCO. Attendees will learn: What terms and conditions should Chief Compliance Officers be...

Webinar: CCO Liability (Part III): Managing Liability: Navigating Indemnities an…

When: Tuesday, February 21, 2017 Schedule: 11:00am ET / 10:00am CT / 9:00am MT / 8:00am PT / 7:00am AT Description of Webinar: The National Society of Compliance Professionals is pleased to host...