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Changing Paradigm at the SEC
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.
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Reconciling Hedge Funds, the SEC and Material Non-Public Information
Tu·mul·tu·ous (adjective) marked by violent or overwhelming turbulence or upheaval.
Many hedge fund managers may be feeling the same way; that they are on a tumultuous ride. Who can blame these managers?
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The Industry Speaks and the SEC Listens
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.
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Financial Crisis - A Stepping Stone to an Enhanced Compliance Culture (11/11/09)
The compliance community is eager to see the full extent to which the Securities and Exchange Commission ("SEC") will respond to the financial crisis, as well as the outcome of reform measures being proposed from Congress and the executive branch. Many in the industry are wondering where the SEC will focus when examining firms and how to prepare.
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SEC Registration for Private Fund Investment Advisers - It's Not as Scary as (10/26/2009)
The hurdles associated with SEC registration may seem high at first glance. However, many currently unregistered advisers have adopted compliance programs and already have many of the controls in place that would satisfy the SEC's expectations.
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Hedge Fund Registration (9/2/2009)
On July 15, 2009, the U.S. Department of the Treasury proposed amendments to the Investment Advisers Act of 1940, as amended (the "Advisers Act") that would have significant implications to advisers to private pools of capital such as hedge funds, venture capital funds, private equity funds, and other private pools including both U.S. and non-U.S. domiciled products.
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Dodging Fiduciary Responsibilities (8/31/2009)
"Ambiguity or Clarity?" - Part I of a Series Exploring the Direction of Investment Adviser Regulation
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Sun Soaking, Snorkeling and other CCO Summer Pasttimes (7/15/2009)
Agghhg ... summer is finally here...a chance to breathe - or is it? Does the old adage, "Summer is when things slow down" apply to compliance personnel?
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Madoff Case Highlights Need for Independent Compliance (5/26/2009)
A MUST READ...
This may be one of our most important communiques. If you are a director, fund of funds manager, allocator, consultant, or in any position which carries fiduciary duty, this is important to you from a legal liability perspective.
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What the SEC Wants
Like the movie, What Women Want, that attempts to simplify and clarify the complicated mind of a woman, we, the securities industry at large, continue to ponder and stay one step ahead of what the SEC wants from its many registrants.
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Incentivizing Compliance
In a recent speech, Lori Richards, the SEC's Director of its Office of Compliance, Inspections, and Examinations (OCIE), spoke about incentivizing compliance. Ms. Richards looked back on the various compliance failures of 2008.
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A Terrible Week for the United States
Last week witnessed yet another terrible week for the United States with mind-blowing breaches of fiduciary duty.
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Compliance Personnel, Include or Exclude?
In our last communique, we urged firms to think about the message they are sending about the "tone at the top" when making business decisions regarding where to cut back spending and dedicated resources during these times of market uncertainty.
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Lack of Regulation or Lack of Compliance?
The prevailing argument seems to be that a lack of regulation is the major contributing factor to the current economic mess. However, some would venture to say perhaps that lack of compliance, not necessarily regulation, is the core problem..
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In times of market turmoil, what should CCO's be doing?
Mike Brophy, SEC3's newest Senior Consultant and ex-COO, provides insight on what CCO's should be thinking about during such turbulent times.
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Hedge Fund Best Practices
The President's Working Group of Financial Markets ("PWG") provided feedback earlier this year with regard to best practices for the hedge fund industry - here's our take..
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Equity Indexed Annuities
As the US Securities and Exchange Commission ("SEC")embarks upon its summer agenda, sales tactics geared towards seniors continue to be an area of concern.
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New Hires
SEC Compliance Consultants, Inc. (SEC3) is proud to announce that we have hired two more Consultants in order to meet the growing compliance demands of the investment management community.
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FINRA Exams in 2008: Examination Priorities
Following the consolidation of NASD and NYSE, the Financial Industry Regulatory Authority ("FINRA") is looking to take advantage of both organizations' best practices.
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SEC Exam Year 2008... What Can I Expect?
This question was addressed by Lori Richards, Director, Office of Compliance Inspections and Examinations at the IA Compliance Best Practices Summit 2008 held in Washington, D.C.
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The Regulators' Friendly Side
Believe it or not, this is not an April Fools Joke.
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Good Ideas and Better Practices for Best Execution
Investment advisers have the fiduciary obligation of seeking and evaluating best execution for client transactions. However, this charge comes without clear parameters or expectations; almost as if the regulators have posed a philosophical question to advisers to which there is no precise answer.
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Selling Private Fund Shares and Broker Dealer Implications
The marketing and solicitation of shares in private funds may implicate broker-dealer registration issues.
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Rand Study Results
The Securities and Exchange Commission released the much-anticipated findings of the RAND Study of the broker/dealer and investment advisory industries.
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SEC Pilot Tests the Registrants
Earlier this month, during comments made at the ICI's 2007 Securities Law Developments Conference, John Walsh, Associate Director - Chief Counsel in the SEC's Office of Compliance Inspections and Examinations (OCIE), addressed the SEC examination staff's recent use of a controversial new examination request letter known as the New York Regional Office Examination Request Letter"(the "NY Letter") and how it will affect future document requests.
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Fair Value, State Renewals, Custody
This is the perfect time to stop and reflect on a few significant developments related to pricing and valuation practices. And no, this has nothing to do with impending holiday sales.
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The Horrors of Compliance
Halloween is the time of year when we amuse ourselves and others with a healthy scare. Nothing gets the heart racing like a quick "boo" or an unexpected start. That is, unless you are a compliance professional.
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Keep Your Praise to Yourself
Your clients love you and they tell you. It's a pity that you can't broadcast their adoration. If you don't believe us, check with the Securities and Exchange Commission (SEC).
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