On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities...more
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities...more
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities...more
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities...more
Last week, the U.S. Securities and Exchange Commission brought five insider-trading cases against a slew of individuals. The U.S. Attorney’s Office for the Southern District of New York also announced parallel criminal...more
Recent Enforcement Action -
The requirement that financial firms preserve books and records is nothing new. But how do such firms keep track of employees’ communications on applications like Signal or WhatsApp? Those...more
On February 9, 2022, the Securities and Exchange Commission (SEC) proposed new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers. The proposed new...more
On August 16, 2021, the financial thresholds specified in the definition of “qualified client” under Rule 205‑3 of the Investment Advisers Act of 1940 (“Advisers Act”) will increase (i) from $1 million to $1.1 million (assets...more
On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may...more
As we discussed in our recent post “What to Expect from the SEC Under the Biden Administration,” market participants can expect a more vigorous SEC enforcement program under the new administration. President Biden’s nominee...more
3/11/2021
/ Asset Valuations ,
Biden Administration ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fees ,
Fund Managers ,
General Solicitation ,
Investment Adviser ,
Personal Information ,
Securities and Exchange Commission (SEC) ,
Transparency
The Securities and Exchange Commission (the “SEC”) recently adopted amendments to the definition of “accredited investor,” which will permit a wider range of investors to participate in certain private offerings. The amended...more
11/12/2020
/ Accredited Investors ,
Family Offices ,
Investment Advisers Act of 1940 ,
Investors ,
Knowledgeable Employee ,
Limited Liability Company (LLC) ,
Private Offerings ,
Qualified Institutional Buyers ,
Regulation D ,
Rule 501(a) ,
Rural Business Investment Companies (RBICs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
On July 10, 2020, the Securities and Exchange Commission (“SEC”) announced that it has proposed to amend Rule 13F-1 and Form 13F to raise the reporting threshold for institutional investment managers from $100 million to $3.5...more
On June 23, 2020, the Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert providing an overview of certain compliance issues observed by the OCIE in examinations of registered investment advisers...more
On May 22, 2020, the Securities and Exchange Commission (the “SEC”) initiated and settled cease-and-desist proceedings against a private fund sponsor that allegedly failed to timely deliver audited financial statements to the...more
On April 27, 2020, the Division of Investment Management (the “Division”) of the Securities and Exchange Commission (the “SEC”) posted a question and answer on its Coronavirus (COVID-19) Response FAQs web page which provides...more
FINRA Amendments to Rules 5130 and 5131 -
The Financial Industry Regulatory Authority, Inc. (“FINRA”) recently effected changes to its rules regarding the purchase, sale, allocation, and distribution of initial equity...more
4/14/2020
/ Amended Regulation ,
Anti-Spinning Rules ,
Corporate Issuers ,
Family Businesses ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment Entities (FIEs) ,
Foreign Offerings ,
Fund Managers ,
Initial Public Offering (IPO) ,
Portfolio Managers ,
Retirement Funds ,
Securities and Exchange Commission (SEC) ,
Sovereign Wealth Funds ,
Special Purpose Acquisition Companies (SPACs)
The Securities and Exchange Commission (the “Commission”) on Friday, March 13, 2020, granted temporary relief under the Investment Advisers Act of 1940 relative to certain filing and delivery deadlines and other requirements...more
On December 18, 2019, the SEC proposed to amend its definition of “Accredited Investor” with hopes to expand access to private capital markets to a wider range of investors. The proposed changes create two new categories of...more
3/11/2020
/ Accredited Investors ,
Family Offices ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Investors ,
Private Equity ,
Proposed Amendments ,
Rule 144A ,
Rural Business Investment Companies (RBICs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
This presentation will cover what you need to know to avoid unnecessary legal risk and imbalanced risk allocation. A concise look at the latest trends, key provisions, and common tricks in commercial contracts, as well as a...more
6/14/2019
/ Chief Compliance Officers ,
Commercial Contracts ,
Continuing Legal Education ,
Contract Drafting ,
Contract Negotiations ,
Contract Terms ,
Regulatory Standards ,
Risk Allocation ,
Risk Assessment ,
Risk Management ,
Service Contracts ,
Supply Contracts ,
Vendor Contacts ,
Vendors ,
Webinars
This presentation will cover an overview of data protection policies and procedures for Investment Advisers....more
Just as we are tuning in for March Madness, it seems that the Department of Labor (Department) has been dealt the latest upset in the fight to implement its final rule, which regulates certain activities of financial service...more
3/20/2018
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Retirement Plan
This coming year will have a revamped ADV with some new requirements. A significant new consideration is the challenges that new cryptocurrencies and other digital assets present for investment advisers and their compliance...more
Beginning October 1, 2017, investment advisers filing Form ADV with the Securities and Exchange Commission (the “SEC”) must file using the amended form adopted by the SEC on August 25, 2016 (the “Amended Form ADV”). According...more
Bitcoin is the first blockchain or distributed ledger technology (“DLT”) to successfully solve a problem succinctly described by Marc Andreessen: “Bitcoin gives us, for the first time, a way for one Internet user to transfer...more
It’s official. The Department of Labor’s final conflict of interest regulation became applicable on June 9, 2017. Despite the consternation leading up to the issuance of this rule and the expectations of many that the rule...more