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SEC Cracks Down on Fraudulent ICOs in Latest Enforcement Action

Two initial coin offerings (ICOs) were the target of a Securities and Exchange Commission (SEC) enforcement action filed on September 29. Based on the SEC’s descriptions, both ICOs, on their face, appear to be frauds, with...more

SEC Releases New Form ADV To Be Used for Filings After October 1, 2017

In a long-awaited move, the SEC released amendments to Form ADV, the uniform form used by investment advisers to register with, or report to, the SEC and state securities authorities. The changes are effective for filings...more

Blockchain and Initial Coin Offerings: SEC Provides First U.S. Securities Law Guidance

Many initial coin offerings (ICOs) have recently raised large amounts of capital without the regulatory constraints of traditional initial public offerings (IPOs) and other capital-raising strategies. On July 25, the U.S....more

Investment Advisers Should Take Note of SEC Updates on Custody Rule

The Securities and Exchange Commission (SEC) recently released additional interpretations of the Custody Rule, Rule 206(4)-2 under the Investment Advisers Act of 1940. Registered investment advisers that have custody of...more

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

Cease and Desist Proceedings Against an Asset Manager for Acting as an Unlicensed Broker-Dealer

Industry participants are well-advised to review their practices to ensure compliance with the Advisers Act, and the SEC’s and SEC’s Staff’s interpretations of when registration as a broker-dealer is required....more

Consultants, Investment Advisers, and Compliance

It is important for registered investment advisers to determine if the correct workers – regardless of employee or consultant labels — have been designated as Access Persons. Originally published as a guest post on Hedge...more

FinCEN Proposed AML Rule for Registered Investment Advisers Remains on Track for 2016 Adoption

There are a number of issues that FinCEN must still address, but comments to the proposed rule do not raise any material issues that will prevent the agency from issuing a final rule in 2016. The Financial Crimes...more

Crowdfunding Regulations

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

FinCEN's Recently Proposed AML Rule: A Road Map for SEC-Registered Investment Advisers

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (the Proposed Rule) on September 1, 2015 that would impose anti-money laundering (AML) requirements for investment...more

Investment Management Update: The Latest News and Developments on Funds, Regulations and Investing Trends for January 2015

In This Presentation: - Personnel Changes - Insider Trading - Pay to play prohibitions under fire - F Squared – Administrative proceeding (December 22, 2014) - Reliance Financial Advisors --...more

Investment Management Update – Fees and Expenses [Audio]

Pepper Hamilton’s Julia D. Corelli and PEF Services’ Anne Anquillare and Mark Heil, joined Pepper’s Gregory J. Nowak for his monthly webinar which he hosts for West LegalEdcenter. This month the webinar discussed a recent...more

Fees and Expenses 2014: A Benchmarking Survey with pfm

Excerpt from Question 1: Your firm is visited by the SEC or state regulator for a routine regulatory examination and you enlist a law firm or consultant to help guide you through the process. Who pays the legal or...more

Data Privacy And Cybersecurity For Investment Funds

In This Presentation: - WHY IS DATA PRIVACY AND SECURITY IMPORTANT? ..Why is it important to protect data? ..SEC Cybersecurity Risk Alert ..FINRA Scrutiny - BEFORE THE BREACH ...more

Investment Management Update - Focus on Data Privacy and Cybersecurity [Audio]

Pepper partners Gregory J. Nowak and Angelo A. Stio III discussed data privacy and cybersecurity issues for investment funds during a recent webinar for West LegalEdcenter. This podcast is a recording of their...more

SEC Approves New Rules to Address Run Risks in Money Market Funds

In This Presentation: - Introduction - Post 2008 Regulatory History - Classifying Money Market Funds - Floating Nav - Liquidity Fees And Redemption Gates - Liquidity Fees -...more

Thomson Reuters Session - April: Investment Management, Hedge Funds & Registered Mutual Funds: What's Happening Now? [Audio]

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a...more

Top 5 Things You Should Know About Online Direct (P2P) Lending Law And Regulations — Before You Do Anything Else!

Few people following the crowdfunding space have been able to ignore the recent meteoric rise of online direct lending, often called “peer-to-peer” (P2P) lending. What started out as a simple one-to-multiple consumer lending...more

New Congressional Bill Would Exempt Business Brokers From Full SEC/FINRA Broker Registration

On November 4, 2013, the U.S. House of Representatives Committee on Financial Services, by a 57-0 vote, ordered H.R. 2274 to be reported for further consideration. The bill, named the “Small Business Mergers, Acquisitions,...more

Crowdfunding And Peer-To-Peer Lending: Legal Framework And Risks; Peer-To-Peer Lending Meetup New York

In This Presentation: - Crowdfunding - SEC Rules are Out - now what? ..JOBS Act Overview ..Crowdfunding background ..Backdrop: Current Crowdfunding Landscape – Five* Varieties ..Public Equity...more

12/18/2013  /  Crowdfunding , JOBS Act , Lending , Peer-to-Peer , SEC

First Formal Pay-To-Play Exemption Request

In 2011, so-called “pay-to-play” prohibitions under the Investment Advisers Act Rule 206(4)-5 (the Rule) went into effect. A recent U.S. Securities and Exchange Commission (SEC) exemptive order application addresses one...more

11/18/2013  /  Exemptions , Pay-To-Play , SEC

The SEC’s Proposed Rule Changes Under The JOBS Act

As much as the elimination of the ban on general solicitation of private placements through the passage of Rule 506(c) creates significant opportunities for private issuers, the U.S. Securities and Exchange Commission (SEC)...more

The Impact Of Rule 506(c) On Private Funds And Their Managers Who Are Legally Avoiding Full Registration As Commodity Pool...

The Jumpstart Our Business Startups Act (JOBS Act) directed the U.S. Securities and Exchange Commission (SEC) to eliminate the prohibition against general solicitation or general advertising in any offering of securities...more

Broker In Disguise?

In this month’s challenge, Pepper Hamilton partners Christopher Rossi and Gregory Nowak explain when a firm may need to consider registering as a brokerdealer with the SEC. Originally Published in PEI's Private Equity...more

JOBS Act Implementation Regulations [Video]

The Jumpstart Our Business Startups Act (JOBS Act) regulations, which were announced on July 10 and which become effective on September 23, promise a new era for capital raising for operating companies and private funds...more

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