On February 6th the California Department of Corporations announced a 45-day extension of the comment period for its proposed rule aligning California’s exemption for private fund advisers to the federal exemption. Interested parties now have until 5 p.m. March 26,…
Many opine the financial crisis was hastened by the financial industry’s use of byzantine and risky securities. FINRA recently released more specific guidance concerning supervision by broker dealers over the sale of complex products: Regulatory Notice 12-03, Complex Products: Heightened…
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Private Fund Regulation: Sec Examination And Enforcement Hot Topics – Part 2 in January, 2012.… Read More
Earlier this month, the Managed Fund Association (“MFA”), the largest lobbyist for the alternative investment industry, petitioned the SEC to amend Rule 502(c) of Regulation D to eliminate the prohibition on general solicitation or general advertising with respect to private…
As previously reported by JLG, in June 2011 the SEC adopted new rules implementing amendments to the Investment Advisers Act created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act increased…
On January 4th the Securities and Exchange Commission (“SEC”) issued a cease and desist order against an Illinois man, Anthony Fields, posing as a Registered Investment Adviser (“RIA”) who was using his LinkedIn account to scam investors, “offer[ing] more than…
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Private Fund Regulation: Sec Examination And Enforcement Hot Topics – Part 1 in December, 2011.… Read More
On December 1, the SEC announced enforcement actions against three advisory firms and six individuals as part of the Commission’s new initiative whereby the Commission’s Asset Management Unit uses proprietary risk analytics to evaluate hedge fund returns. Performance that appears…
On October 3, 2011, Rule 13h-1 went into effect which, among other things, requires “large traders” to begin identifying themselves to the SEC on December 1st by filing Form 13H. Under Rule 13h-1, a “large trader” is defined as a…
The SEC and FINRA have issued a Risk Alert and a Regulatory Notice on broker-dealer branch inspections, and offered suggestions to help securities industry firms better perform this key supervisory function. The Risk Alert noted that the branch inspection process…