Adviser Regulatory & Compliance News

Private funds and managers:  Dealing with the Seemingly Crazy Broker-Dealer Requirements

December 2, 2017

For private fund managers, the tricks and traps of selling their funds can be maddening! Believe me, I've been there. All sorts of issues: is the fund exempt? Do placement agents and finders have to be registered as a broker or dealer or personnel of one? Etc.! Foley & Lardner recently published a short guide to navigating the broker-dealer rules. Click the headline to get the publication.

ALJ’s Officially Ratified and Appointed

December 2, 2017

Addressing a nettlesome issue, the SEC Commissioners formally ratified the appointment of the SEC's administrative law judges. The ratification attempts to defuse a constitutional issue re: the appointment of the judges and the validity of their actions some of which have been challenged in court. Click the link in the heading to read the SEC's press release.

DoL Rule Update:  the Final Say

November 29, 2017

Should be final...maybe! After many months of wrangling, by a notice published in the Federal Register on November 29, 2017, the Department of Labor extended from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment advice” fiduciary definition and related exemptions, which became generally applicable on June 9 of this year. A great Eversheds summary and schedule for implementation is available by clicking the heading.

Global Securities Litigation Overview

November 23, 2017

One of the challenges money managers and investment advisers face is the need to protect their investors against the myriad of scams and frauds. Securities litigation has gone global, and Dechert recently prepared a nice summary of the state of global securities litigation. Click the title to access the link.

SEC Div. of Enforcement 2017 Annual Report

November 22, 2017

The SEC's Enforcement Division recently issued its Annual Report. Please use the link in the heading to access it directly. Bottom line: enforcement actions vs. advisers were down a bit from 2016. For the next year, the report notes that we can expect greater focus on cyber security and on protection of retail investors.

Flip a Coin:  ICO Basics

November 13, 2017

Cryptocurrencies, ICOs, coin offerings......they're all the buzz right now. Do you understand them? Do you realize that ICOs have raised more $$ this year than venture capital funds have? If your PMs or even clients haven't approached you yet on ICOs and cryptocurrencies, they will soon. Pepper Hamilton recently hosted an educational session, which they've posted on-line, both a podcast and slide deck. Check it out. Click the heading above for this link: A REVIEW OF INITIAL COIN OFFERINGS: AND WHAT THEY MEAN FOR THE INSTITUTIONAL INVESTOR COMMUNITY, 11/07/2017