On September 4, the Securities and Exchange Commission (SEC) issued an order against three investment adviser firms for violating the whistleblower protections of Rule 21F-17(a) under the Securities Exchange Act of 1934. This...more
On February 9, the Securities and Exchange Commission (SEC) announced settlements with 16 firms relating to record-keeping violations stemming from off-channel communications totaling $81 million. The 16 firms were five...more
2/15/2024
/ Broker-Dealer ,
Electronic Communications ,
Enforcement Actions ,
Instant Messaging Apps ,
Investment Adviser ,
Recordkeeping Requirements ,
Regular Business Communications ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Text Messages
On May 3, the U.S. Securities and Exchange Commission (SEC) adopted significant amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The final amendments will...more
On April 26, the SEC’s Division of Examinations (EXAMS) issued a risk alert on the importance of broker-dealers and investment advisers (collectively, “firms”) establishing and following written policies and procedures aimed...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended....more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
No Place To Hide
The SEC is coming – whether you’re ready or not.
The founding laws of the Securities and Exchange Commission all share the assumption that the best way to protect investors is to ensure transparency...more
On January 26, the SEC approved proposed amendments to Investment Advisers Act Rule 204(b)-1 and Form PF to require prompt reporting of certain extraordinary events that may signal distress or market instability. The...more
On July 21, the Securities and Exchange Commission’s Division of Examinations (Division) released two separate “risk alerts,” encouraging investment advisers to implement written policies and procedures or review existing...more
In January 2021, commentary by members of the social news aggregator Reddit may have contributed to unprecedented trading activity that led some online brokerages to freeze trading of certain securities for a prolonged window...more
On February 26, the SEC Division of Examinations (Division) (formerly the Office of Compliance Inspections and Examinations) issued a Risk Alert (Alert) relating to the offer, sale, and trading of digital assets that are...more
On December 9, 2020, the Securities and Exchange Commission (SEC) settled an enforcement action against ICE Data Pricing & Reference Data LLC (PRD), a global securities pricing service and registered investment adviser, for...more
On June 3, the U.S. Department of Labor (DOL) issued an Information Letter (Letter) concerning private equity investments within an asset allocation fund that is a designated investment alternative in an individual account...more
In its examinations of investment managers over the past decade, the SEC has consistently focused intensely on conflicts, disclosures and fiduciary duties.
Originally published in The Legal Supplement: Expert Commentary -...more
The spread of COVID-19 and its impact on the global economy has presented a seemingly endless list of complications for enterprises across a number of industries. ...more
Private foundations can be attractive investment partners, but deals need to be structured with the exit in mind to avoid some tricky tax issues.
Family office investment vehicles typically have a diverse pool of...more
5/7/2019
/ Exit Planning ,
Exit Strategies ,
Family Businesses ,
Family Offices ,
Investment Adviser ,
Investors ,
IRS ,
Private Foundations ,
Special Purpose Vehicles ,
Tax Exempt Entities ,
Tax Planning
Pepper Hamilton annually commissions a survey to keep clients abreast of middle-market private equity trends. This year, with Mergermarket, we surveyed 50 middle-market PE firms regarding fund life cycles. Our findings were...more
The lifecycles of private equity (PE) funds are lengthening as managers continue to seek longer fundraising periods. This is due to a number of factors, including increases in due diligence and holding periods for investments...more