Home » best of the web

Tag: best of the web

Best of the Web – June 2018 edition

Welcome to the June 2018 BOTW.  Schulte Roth warns fund sponsors not to play favorites (favourites?) with investors, Clifford Chance reminds cryptocurrency players not to forget the CFTC, and ACA outlines FINRA’s recent regulatory actions.  Morgan Lewis tries to synthesize GDPR, and K&L Gates surveys the private equity industry.

Don’t Play Favourites With Your Investors (Schulte Roth & Zabel)

Regulation of Bitcoin: The Role of the CFTC (Clifford Chance)

Summary of FINRA Regulatory Actions 2017 (ACA)

GDPR’s New Requirements: What Investment Managers, Funds, Banks, and Broker-Dealers Need to Know (Morgan Lewis)

Private Equity Funds Year-in-Review – A Lookback at 2017 and the Outlook for 2018 (K&L Gates)

Tax Cuts & Jobs Act: A Special Report for Private Companies (Cohen & Co.)

Delegation and Oversight of Liquidity Risk Management for Sub-Advised Mutual Funds (Dechert)

DOL and ESG Investing: Evolving Guidance (Groom)

2018 ICI Mutual Funds and Investment Management Conference (Ropes & Gray)

Reminder of Annual Requirements for Investment Managers (Winston & Strawn)

Best of the Web – January 2018 Edition

Welcome to the January BOTW, covering articles from November-December.  Cryptocurrency and ICOs are hot, hot, hot.  Check out the podcast by Pepper and the regulatory article from Seward & Kissel.  Also included are the materials from the well-respected K&L Gates annual investment management conference.  We love ACA’s title about wrap programs and Cohen’s piece about management fee waivers.


Materials from the 2017 Investment Management Conferences (K&L Gates)

Top cybersecurity trends for 2018 (Cordium)

A Review of Initial Coin Offerings (podcast) (Pepper Hamilton)

The Hot Money: Cryptocurrencies and Implications for Investment Advisers (Seward & Kissel)

Management Fee Waivers: Potentials and Pitfalls for Fund Advisors (Cohen & Co.)

Regulatory Scrutiny on Wrap Fee Programs – Not Such a Wrapper’s Delight (ACA)

Q&A: What to Expect from the “New” SEC (Ropes & Gray)

The Future of FinTech Part 1 and Part 2 (podcast) (DLA Piper)

Nominating Committee Best Practices (podcast) (Thompson Hine)

Plan Sponsor Fee Litigation Cases on the Rise (Groom)

The Duty of Diligent Supervision: To Whom And What Does It Apply And What Does It Require? (Willkie Farr & Gallagher)

Best of the Web – October 2017

How to Manage the Risky Role of the Investment Adviser CCO in the 21st Century (Drinker Biddle)

SEC Amendments to Form ADV and Recordkeeping Rules Go into Effect on October 1 (Morgan Lewis)

A Strategic Approach to Launching a New Fund (Pepper Hamilton)

Special Report: “Who May Sue You and Why: How to Reduce Your ERISA Risks, and the Role of Fiduciary Liability Insurance” (Groom)

To Plea or Not to Plea: That Is Not the Question (Stradley Ronon)

Investment Advisers & Funds – Annual Compliance Reviews (podcast) (Thompson Hine)

Global Update: Regulators Focus on Initial Coin Offerings (Dechert)

Guidance Statement on Broadly Distributed Pooled Funds Provides Clarity (Cohen & Co.)

MiFID II – State of Play (Kramer Levin)

Best of the Web – May/June 2017

Welcome to the May/June 2017 BOTW.  Things got so crazy for your friendly neighborhood regulatory blogger that I missed a month, requiring a consolidation of the May and June BOTW.  That means a lot of great articles from the tops of the industry.  Alaric extols the virtues of automated compliance testing, ACA delves deep into performance reporting, and Pepper podcasts about valuation.  Meanwhile, Dechert looks to Europe, and Seward & Kissel worries about private equity compliance.  Sadis & Goldberg asks the most provocative question of the late spring: Should you fight the SEC?  (Spoiler Alert: They say you should.)


Taking Uncertainty Out of the Equation with Automated Compliance Testing (Alaric)

Performance Reporting: IRR vs. TWR (ACA)

Valuation Issues in Hedge Funds (podcast) (Pepper Hamilton)

So You Want to Market Funds in Europe? – Rules of the Road for Accessing Capital in Europe (Dechert)

Certain Key Compliance Topics for Private Equity Fund Advisers (Seward & Kissel)

Cooperman Insider Trading Settlement Proves You Often Get Better Results by Fighting the SEC than by Settling Quickly (Sadis & Goldberg)

New CFTC Rules Formalize Whistleblower Protections for Employees of Hedge Fund Managers and Other Registrants (Schulte Roth & Zabel)

Blockchain – What It Is and Why It’s Important (Clifford Chance)

ETF operational and regulatory environment drives ETF oversight issues (K&L Gates)

NASAA adopts statement of policy to usher in e-delivery and e-signature for non-traded offerings (DLA Piper)

Nevada Imposes Fiduciary Obligations on Broker-Dealers and Investment Advisers (Morgan Lewis)

Market Matters: Fiduciary Rule Impact (podcast) (Thompson Hine)

Tax Reform Watch: Is a Lower Pass-Through Entity Tax Rate the Solution for Smaller Businesses? (Cohen)

Regulatory Monitor: SEC Update (custody) (Drinker Biddle)

CFTC Proposes Revisions to Chief Compliance Officer Obligations (Willkie Farr & Gallagher)

MiFID II – Cordium’s Annual Conference Poll Summary (Cordium)

Best of the Web – April 2017


“I have learned that nothing is certain except for the need to have strong risk management, a lot of cash, the willingness to invest even when the future is unclear, and great people.” (Jeffrey R. Immelt)


Welcome to the April 2017 BOTW.  While we await major (minor?) regulatory changes, the regulatory professionals offer guidance allowing everybody to catch up on ongoing challenges.  ACA ominously asks about your BD’s message archive, Dechert provides a guide to fund financing, and Schulte sees opportunities in registered closed-end funds.  We also like Cohen’s guidance on selling a private company and Skadden’s cybersecurity due diligence guide.  Things may look cloudy, but April showers…


What is Lurking in Your Broker-Dealer’s Message Archive? (ACA)

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds (Dechert)

Untapped Opportunities in the Registered Alternative Closed-End Fund Space (Schulte Roth & Zabel)

The Emerging Need for Cybersecurity Diligence in M&A (Skadden)

The Sale of a Privately Held Company (Cohen)

Recent Tax Developments that May Impact the Private Equity Industry (Seward & Kissel)

Navigating Yates Memo Minefield and Broadening of Excess Side-A DIC D&O Insurance Policies (Perkins Coie)

FINRA Proposal Allows Selective Custom Performance Projections in Marketing Materials (Drinker)

Independent Sponsors in the Lower Middle Market (podcast) (Pepper Hamilton)

The SEC Sends a Stern Reminder That It Is Serious About Punishing “Spoofing” and “Layering” Schemes in the Securities Markets (K&L Gates)

Effect of the MIFID II Research Regime on US Investment Managers (Morgan Lewis)

How to Identify Inside Information – A Helpful Guideline Provided by the Italian Securities and Exchange Commission (Paul Hastings)

Best of the Web – March 2017


“If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome.” (Anne Bradstreet)


Welcome to the March 2017 BOTW.  Spring has sprung for the regulatory experts, who have produced a flowering of content.  There is something for everybody: Dechert and Skadden go holistic and offer broad reviews, Drinker looks at CCO liability, and Seward & Kissel comments on the hedge fund industry.  Pepper takes on tax in a podcast, Stradley Ronon offers some cybersecurity advice, and Perkins Coie tackles fintech.  As my old law professor used to advise, “Keep reading.”


2016 Year in Review: Division of Investment Management Guidance Updates (Dechert)

Compliance and Legal Officer Guidelines To Prevent Non-Line Supervisory Liability (Drinker Biddle)

Common Deficiencies. Why? Because People Don’t Get It! (Focus One)

Key Takeaways: Recent Investment Management Litigation and Regulatory Developments (Skadden)

Seward & Kissel’s 2016 New Hedge Fund Study (Seward & Kissel)

The New Tax Landscape for Investment Management (podcast) (Pepper Hamilton)

Think Outside the Breach: Six Legal Issues to Consider After Responding to a Cybersecurity Incident (Stradley Ronon)

SEC Exam Priorities White Paper (Oyster)

As Fintech Platforms Grow Up, Investment Management Firms Face the ‘Problems of Tomorrow’ (Perkins Coie)

Questions & Answers on State and Local Variations on the SEC Pay-to-Play Rule (K&L Gates)

The Bumpy Road To Protection For Internal Whistleblowers (Vedder Price)

Hedge Fund Activists: The Debate on Unlocking Value (Schulte Roth & Zabel)

Resigning From a Board of Directors: Considerations for VC Fund Designees (Paul Hastings)

Share Class Rules (podcast) (Thompson Hine)

Understanding Liquidity Risk Mgmt Programs (Alaric)

DOJ’s Criminal Fraud Section Provides Valuable Guidance on the Evaluation of Corporate Compliance Programs (Winston & Strawn)

Employee Benefits in the Trump Administration (Groom)

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)



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)



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



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



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



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



CFTC Amends Regulations Regarding CPO Financial Reports (Cordium)



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



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



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 – 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)



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



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



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



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



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



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



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