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Communiques

The latest compliance news from SEC3 and CCO3.

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

 

Changing Paradigm at the SEC

March 01, 2010

Recent comments by various members of the Securities and Exchange Commission ("SEC"), including its Chairman, Mary L. Schapiro, have pointed to a harmonization approach to regulation of financial industry firms under the purview of the SEC. Discussions also have revolved around tweaking the SEC examination program towards a more holistic market focus and bringing various market participants, who are currently operating outside the tent of the SEC, under the regulator's oversight.

Read more: Changing Paradigm at the SEC

 

Reconciling Hedge Funds, the SEC and Material Non-Public Information

February 05, 2010

Tu·mul·tu·ous (adjective) marked by violent or overwhelming turbulence or upheaval.

Imagine for a moment a European bullet train speeding at 250 km/hr along the Washington - Boston Northeast Corridor which was designed to support the Acela Express with an average speed of 140 km/hr. Many hedge fund managers may be feeling the same way; that they are on a tumultuous ride. Who can blame these managers?

Read more: Reconciling Hedge Funds, the SEC and Material Non-Public Information

 

The Industry Speaks and the SEC Listens

January 05, 2010

2009 was a year of turmoil in the financial markets and the economy in general. With abuses and fraud making headlines and regulators being partly blamed for the economic issues, individuals in the financial community seem to be awaiting a wave of regulatory self-protective backlash consisting of potentially unnecessary, and ultimately, ineffective regulations.

Read more: The Industry Speaks and the SEC Listens

 

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Newsletter

Get the latest compliance news and insights - delivered weekly. The SEC3 Communique covers all compliance topics. CCO3 focuses on CCO topics.
tip: check both to keep informed!

Communiques

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 »

2018 - Are you ready for your next SEC exam?

The pool of registered investment advisers that will be subject to an SEC exam in 2018 is at the highest level seen in years. The SEC projects it will examine... read more »

Navigating the Changes to Form ADV

On August 25, 2016, the U.S. Securities and Exchange Commission adopted numerous substantive and technical amendments to Form ADV. While the adopting release required advisers to begin complying with the... read more »

Overlooked Benefits of E&O/D&O

While asset managers should always be aware of the protections provided by their E&O/ D&O coverage, there are more reasons than ever to think about it now. The SEC continues to... read more »

Events

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...

Webcast: SEC 2017 Examination Focus Area – Cybersecurity Testing

Penetration Testing & Vulnerability Assessments - Examining the SEC & FINRA Requirements When: Wednesday, January 25th | Schedule: 12pm - 1pm EST Who: Paul Caiazzo, CEO and Co-Founder, TruShield Security Solutions Michael Brice, Founder,...

Chief Compliance Officer Roundtable: Breakfast Briefing

When: October 20, 2016 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone: 212.885.5000 Thomas Westle and Janaya...