In this issue;
- Regulatory Reporting Obligations
- New York City Considering an Attack on Carried Interest in the Context of the Unincorporated Business Tax (“UBT”)
- FINRA Proposes Rule Requiring Investor Disclosure and Notice Filings for Private Placements
- FinCEN to Require Investment Advisers to Establish AML Programs
- New HSR Rules and Form in Effect
- SEC Examination Matters
- SEC Charges Investment Advisers with Compliance Failures
An excerpt from "Regulatory Reporting Obligations"
The Department of Treasury, through the Federal Reserve Bank of New York (the “NY Fed”) and the U.S. Department of Commerce, through the Bureau of Economic Analysis (the “BEA”), require U.S. residents to file certain regulatory reports. Although these reports have been required by the NY Fed and the BEA for several years, historically there has been both widespread non-compliance by the private investment industry, and lack of enforcement by the regulatory authorities. However, in connection with implementations of Form SLT by the NY Fed, the NY Fed and the BEA have taken a renewed interest in certain older regulatory filings. While the NY Fed and the BEA have informally confirmed that they do not intend to penalize reporters for past violations, future compliance with these regulatory filings will be taken more seriously and U.S. residents should review these filings to determine the extent to which these reports may be required by entities in their structure. Brief descriptions of these filings are set forth below.
Please see full newsletter below for more information.
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