As discussed in a previous blog posting, investment advisers must comply with Rule 206(4)-3 (the “Rule”) of the Investment Advisers Act of 1940 when using solicitors. Notably, in July 2008, the SEC issued a no-action letter (the “Letter”) which provided…
The 5.8 magnitude earthquake that shook large portions of the eastern seaboard on August 23rd should serve as a useful reminder to registered investment advisers and broker-dealers to review and update their business continuity plans. While not explicitly stated in…
In November of 2009, two advertising executives, and longtime fans of Pabst Brewing Company (“PBR”), attempted to purchase the company…
With its new whistleblower program officially becoming effective on August 12, 2011, the SEC launched a new webpage for people to report violations of the federal securities laws and apply for a financial award. Prior to the enactment of the…
Beginning December 1st of this year hedge fund managers, private equity firms and investment advisers doing business in Massachusetts will need to have policies and procedures in place to address that state’s new regulations aimed at overseeing the use of…
Hedge funds, private equity funds, venture capital funds and other types of private funds commonly utilize third parties to promote their funds and raise capital from potential investors. These third parties are commonly referred to as “finders.” When entering into…
Registered investment advisers (“RIAs”) commonly engage accountants, attorneys, banks, broker-dealers and other third parties to solicit new investment advisory clients on the RIA’s behalf…