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Best of the Web – February 2017

“Simplicity does not precede complexity, but follows it.” (Alan Perlis)

 

Welcome to the February 2017 BOTW.  Morgan Lewis offers a comprehensive review (107 pages) of last year’s SEC and FINRA activity.  ACA tries to explain GIPS.  Dechert addresses regulation of political contributions.  And SEC3 tackles CCO personal liability.  Also, kudos to Thompson Hine for using a podcast to deliver regulatory information.

 

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases (Morgan Lewis)

Complying with the rules and requirements of both the SEC and GIPS standards: Navigating key similarities and differences (ACA)

Continued Regulatory Focus on US Political Contributions (Dechert)

How Compliance Officers & Firms Can Help Limit CCO Personal Liability (SEC3)

Market Matters: Regulatory Outlook Under the Trump Administration (podcast) (Thompson Hine)

Certain Upcoming 2017 SEC Regulatory Deadlines for Investment Advisers (Cordium)

NYDFS announces final cybersecurity rules for financial services sector: key takeaways (DLA Piper)

FASB Updates for the Investment Industry (Cohen & Co.)

The Trump Administration Agenda: Potential Impact on the Asset Management Industry (K&L Gates)

Best of the Web – January 2017

 

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” (William Arthur Ward)

 

Welcome to the January 2017 BOTW.  We are still waiting for the new Administration to impanel the new SEC.  Regardless, the regulatory world keeps turning.  Drinker offers some excellent advice on how to respond to an SEC exam.  Groom looks into its crystal ball for retirement and health policy.  Dechert offers a comprehensive compliance outline for advisers.

 

When SEC Knocks: 8 Immediate Actions for Every Company (Drinker Biddle)

View from Groom: Post-Election Outlook for Retirement and Health Policy (Groom Law Group)

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds (Dechert)

SEC Staff Addresses Mutual Fund Fee Structures in Response to DOL’s Fiduciary Rule (K&L Gates)

Trading and Markets Enforcement Report (Morgan Lewis)

CFTC’s Proposed Algorithmic Trading Rules and Potential Impact on CPOs and CTAs (Cordium)

RIA Compliance Calendar – Filing Deadlines 2017 (Focus One)

What’s New With Regulation S-X? A Look at the SEC’s Recent Amendments (BBD)

The New UK Corporate Offence of ‘Failure to Prevent the Facilitation of Tax Evasion’: Implications for Fund Managers and Investors (Skadden)

Best of the Web – December 2016

Best of Web

“How did it get so late so soon? Its night before its afternoon. December is here before its June. My goodness how the time has flewn. How did it get so late so soon?” (Dr. Seuss)

 

Welcome to the December 2016 BOTW.  Was it the end of a year or the end of an era?  Only time will tell.  But, the regulatory world just keeps rolling along.  A former SEC counsel at K&L Gates offers his views on a federal fiduciary standard for private funds.  Drinker Biddle untangles insider trading. Sadis offers advice on sub-adviser performance marketing.   The only foolproof strategy is knowledge.

 

A Federal Fiduciary Standard under the Investment Advisers Act of 1940: A Refinement for the Protection of Private Funds (K&L Gates)

http://www.hblr.org/2016/12/a-federal-fiduciary-standard-under-the-investment-advisers-act-of-1940-a-refinement-for-the-protection-of-private-funds/

 

Do You Think the Second Circuit’s Decision in United States v. Newman is a Game Changer for Hedge Funds? Not So Fast. (Drinker Biddle)

http://www.drinkerbiddle.com/-/media/files/insights/publications/2016/12/hansen_carr_investment-lawyer_dec-2016.pdf

 

How Investment Managers Can Advertise Sub-Adviser Performance Without Violating SEC Rules (Sadis & Goldberg)

http://www.sglawyers.com/wp-content/uploads/2016/12/Article-Hedge-Fund-Law-Report-Dan-Viola-Dec-1-2016-00314538x9ED28.pdf?lbisphpreq=1

 

SEC Staff Issues Guidance on Fund Fee Structure Disclosures (Dechert)

https://info.dechert.com/10/7866/december-2016/sec-staff-issues-guidance-on-fund-fee-structure-disclosures(2).asp

 

Simons Says: New York Proposed Cybersecurity Regulations (Focus One)

http://focus1associates.com/simons-says-new-york-proposed-cybersecurity-regulations/

 

Regulation FD: From an Investment Management Perspective (Mayer Brown)

https://www.mayerbrown.com/files/News/26612fcb-c0b3-40a4-a4cd-ec07d3c7d610/Presentation/NewsAttachment/6e4dc08e-6cc7-456d-9bd3-efe9ba0fb841/IL_1216_Pershkow.pdf

 

CFTC Amends Regulations Regarding CPO Financial Reports (Cordium)

http://www.cordium.com/briefing/cftc-amends-regulations-regarding-cpo-financial-reports/

 

Recent CFTC Rule Changes That Affect Hedge and Private Equity Fund Managers (Schulte, Roth & Zabel)

https://www.srz.com/resources/recent-cftc-rule-changes-that-affect-hedge-and-private-equity.html

 

EU Update: The Latest Developments on Brexit, MAR, and MiFID II (Morgan Lewis)

https://www.morganlewis.com/~/media/files/publication/outside%20publication/article/investmentlawyer-eu-update-jan2017.ashx?la=en

 

The New UK Corporate Offence of ‘Failure to Prevent the Facilitation of Tax Evasion’: Implications for Fund Managers and Investors (Skadden)

https://www.skadden.com/insights/new-uk-corporate-offence-failure-prevent-facilitation-tax-evasion-implications-fund-manager

Best of the Web – November 2016

 

Best of Web

 

“The month of November makes me feel that life is passing more quickly. In an effort to slow it down, I try to fill the hours more meaningfully.” (Henry Rollins)

 

Welcome to the November 2016 BOTW.  Thanksgiving comes and the end of year is in sight.  But, the regulatory world never ceases.  In case you hadn’t heard, we had an election, and Dechert offers some regulatory advice to the President-Elect.  Regardless of what happens to Dodd-Frank, Schulte addresses some LP/GP agreement issues.  And, Grant Thornton offers its 30,000 foot view on the state of the asset management industry.

 

Open Letter to Trump: Weigh the Costs of Regulation (Dechert)

http://www.americanbanker.com/bankthink/open-letter-to-trump-weigh-the-costs-of-regulation-1092385-1.html

 

Fund Agreements Between LPs and GPs (Schulte Roth & Zabel)

https://www.srz.com/images/content/1/4/v2/145203/Private-Funds-Management-Ringing-the-Changes-November-2016.pdf

 

Tightening pressure transforms the landscape: the state of the asset management industry (Grant Thornton)

https://www.grantthornton.com/~/media/content-page-files/financial-services/pdfs/2016/FIS-State-of-Asset-Mgmt-report-161115FIN.ashx

 

Modernization of The SEC’s Reporting Requirements: What Investment Companies Should Know (Drinker Biddle)

http://www.drinkerbiddle.com/insights/publications/2016/11/modernization-of-secs-reporting-requirements

 

SEC Approves FINRA Rule Amendments Governing Mutual Fund Retail Communications (Thompson Hine)

http://www.thompsonhine.com/publications/sec-approves-finra-rule-amendments-governing-mutual-fund-retail-communications

 

Plaintiffs Facing Headwinds in Pending Mutual Fund Fee Litigation (Skadden)

https://www.skadden.com/sites/default/files/publications/Plaintiffs_Facing_Headwinds_in_Pending_Mutual_Fund_Fee_Litigation.pdf

 

Morgan Lewis Urges NYDFS to Modify Proposed Cybersecurity Rules (Morgan Lewis)

https://www.morganlewis.com/pubs/morgan-lewis-urges-nydfs-to-modify-proposed-cybersecurity-rules

 

Exchanges Adopt Generic Listing Standards for Actively Managed ETFs (K&L Gates)

http://klgates.com/files/Publication/8421eae2-dd7d-49cb-88e9-0e866fa8f194/Presentation/PublicationAttachment/808f3413-95f0-4040-96a0-1188ff931602/Investment_Management_Alert_11182016.pdf

Best of the Web – October 2016

 

Best of Web

“I’m so glad I live in a world where there are Octobers.” (L.M. Montgomery, Anne of Green Gables)

 

Welcome to the October 2016 BOTW.  Who doesn’t love October: changing leaves, pumpkin-spiced lattes, football?  The regulatory world is also experiencing its own transitions.  SIFMA addresses the consequences of financial regulation, Dechert offers advice on private equity compliance, and K&L Gates explains auditor independence.  For those with an interest, check out BBD’s piece on mutual fund accounting and Thompson Hine’s overview of the new liquidity risk management rules.

 

The Intended and Unintended Consequences for End Users of Post-Crisis Financial Regulation (SIFMA)

http://www.sifma.org/blog/intended-and-unintended-consequences-for-end-users-of-post-crisis-financial-regulation/

 

Managing the Compliance Aspects of Private Equity Investments (Dechert)

https://info.dechert.com/10/7315/landing-pages/managing-the-compliance-aspects-of-private-equity-investments.asp

 

Making Sense of Auditor Independence Issues (K&L Gates)

http://www.klgateshub.com/files/Publication/c061e86a-f8b0-4046-925c-dc262d6cf747/Presentation/PublicationAttachment/331a5d4e-eed7-4e7f-b6e4-e5473ef290dd/IM_Alert_10172016.pdf

 

Considerations for Mutual Funds for Allocating Earnings and Profits to Distributions (BBD)

http://www.bbdcpa.com/investment-company-notebook/allocatingearningsandprofitstodistributions

 

SEC Adopts Rule Requiring Liquidity Risk Management Programs for Funds (Thompson Hine)

http://www.thompsonhine.com/publications/sec-adopts-rule-requiring-liquidity-risk-management-programs-for-funds

 

DOL Releases Guidance on Best Interest Contract and other Exemptions (Groom)

http://www.groom.com/media/publication/1766_DOL_Releases_Guidance_on_Best_Interest_Contract_and_other_Exemptions.pdf

 

Regulatory Focus and Developments on Potential Broker-Dealer Requirements for Private Fund Sponsor Activities (Cordium)

http://www.cordium.com/briefing/regulatory-focus-and-developments-on-potential-broker-dealer-requirements-for-private-fund-sponsor-activities/

 

Summary of FINRA Regulatory Actions April – June 2016 (ACA)

http://www.acacompliancegroup.com/news/compliance-alert/summary-finra-regulatory-actions-april-%E2%80%93-june-2016

 

What You Need to Know About the SEC’s New Swing Pricing Rule (Stradley Ronon)

http://www.stradley.com/insights/publications/2016/10/fund-alert-october-24-2016

 

NYDFS: “First-in-the-Nation” Cybersecurity Proposal (Morgan Lewis)

https://www.morganlewis.com/~/media/files/publication/outside%20publication/article/wall-street-lawyer-nydfs-first-in-nation-cybersecurity-proposal-25oct16.ashx?la=en

 

New Proposed RIC Regulations (Greenberg Traurig)

http://www.gtlaw.com/News-Events/Publications/Alerts/198756/New-Proposed-RIC-Regulations

Best of the Web – September 2016

Best of Web

 

Welcome to the September 2016 BOTW.  The kids went back to school, and so should we.  Our September BOTW picks focus on the details you must know to become a well-informed professional.  K&L Gates educates on AML, Drinker outlines the FINRA pay-to-play rules, and Ropes & Gray explains California’s new fee disclosure rule. Sadis also teaches a few things about insider trading litigation.  “To create something exceptional, your mindset must be relentlessly focused on the smallest detail.” (Giorgio Armani)

 

12 AML Obligations Every Broker/Dealer Needs to Know (K&L Gates)

http://www.klgates.com/files/Publication/c7195fd8-6000-422b-b2e7-dda07de19724/Presentation/PublicationAttachment/a9c7789c-53ed-44ed-b90d-e8d4df80e16c/Government_Enforcement_Alert_09162016.pdf

 

SEC Approves FINRA Pay-to-Play Rules (Drinker Biddle)

http://www.drinkerbiddle.com/insights/publications/2016/09/sec-approves-finra-pay-to-play-rules

 

California’s New Fee Disclosure Law for Public Pension Plans Investing In Alternative Investment Vehicles (Ropes & Gray)

https://www.ropesgray.com/newsroom/alerts/2016/September/CAs-New-Fee-Disclosure-Law-For-Public-Pension-Plans-Investing-In-Alternative-Investment-Vehicles.aspx

 

Cooperman Insider Trading Case Suffers from Same Flaw as SEC’s Loss to Cuban, but is Bolstered by Cooperman Invoking Right Against Self-Incrimination in SEC Testimony (SadisGoldberg)

http://www.sglawyers.com/library-item/cooperman-insider-trading-case-suffers-flaw-secs-loss-cuban-bolstered-cooperman-invoking-right-self-incrimination-sec-testimony/

 

US Hedge Fund Managers: Accessing Capital and Marketing in Europe (Dechert)

https://info.dechert.com/10/7236/uploads/onpoint—us-hedge-fund-managers—accessing-capital-and-marketing-in-europe.pdf?sid=e26bb665-7c0b-458e-a85f-beb0b7860a3d

 

6 Ways Advisors Can Protect Against 401(k) Lawsuits (Market Counsel)

http://www.thinkadvisor.com/2016/08/23/6-ways-advisors-can-protect-against-401k-lawsuits?page_all=1&slreturn=1476542604

 

Considerations for Illiquid Managers launching Liquid Strategies (ACA)

http://www.acacompliancegroup.com/sites/default/files/news/files/2016-reprint-September-Considerations-for-Illiquid-Managers-launching-Liquid-Strategies.pdf

 

Broker-Lite: FINRA Built It, But Will They Come? (Morgan Lewis)

https://www.morganlewis.com/~/media/files/publication/morgan%20lewis%20title/white%20paper/broker-lite-finra-built-it-but-will-they-come-september2016.ashx?la=en

 

A ‘Magic Perspective’ On Fraud by Sellers in Private Equity Deals (Pepper Hamilton)

http://www.pepperlaw.com/publications/a-magic-perspective-on-fraud-by-sellers-in-private-equity-deals-2016-09-13/

 

New Form ADV: The Impact on Private Fund Advisers (Schulte Roth & Zabel)

https://www.srz.com/resources/new-form-adv-the-impact-on-private-fund-advisers.html

 

Hedge Fund Side Letter Study (Seward & Kissel)

http://www.sewkis.com/files/Publication/58adf31f-1e9a-4b1b-9386-b739a0498af8/Presentation/PublicationAttachment/d60da516-3266-40d7-ba17-b7f4f31f21dd/SideLetterStudy9_14_16.pdf

 

ESMA Report Highlights Funds’ Rising Use – and Potential Impact on Market Stability – of Synthetic Leverage From Derivative Instruments (Kramer Levin)

http://www.kramerlevin.com/files/Publication/1af5677d-ccee-4685-a0f5-082e8b147ddc/Presentation/PublicationAttachment/f3cd6c54-8496-4d99-b4c0-2dbbb69e2f47/HFLR_ESMA%20Report%20Highlights%20Funds%E2%80%99%20Rising%20Use%20%E2%80%93%20and%20Potential%20Impact%20on%20Market%20Stab.pdf

 

 

Strategic Growth for Asset Managers and Single Investor Products (Skadden)

https://www.skadden.com/sites/default/files/publications/Strategic_Growth%20_for_Asset_Managers_and_Single_Investor_Products_0.pdf

 

An Overview of ERISA Issues Related to ‘In-House’ Plan Use of Proprietary Products and Services (Groom Law Group)

http://www.groom.com/resources-888.html