A new initiative with the Office of Compliance Inspections and Examinations (“OCIE”) at the Securities and Exchange Commission (“SEC”) is aimed at registered investment advisers who have never undergone examination by the SEC. According to a February 20, 2014 press…
A further turn in the arena of regulations toward client disclosures and agreements has taken place at the Financial Industry Regulatory Authority (“FINRA”), where a newly-approved rule on conditioning settlement agreements was detailed in a February 13, 2014 press release….
In his January 24, 2014 speech Securities and Exchange Commission (“SEC”) Commissioner Daniel M. Gallagher stated that “two issues that…should be at the very top of the SEC’s agenda”, a “revamping” of the SEC’s corporate disclosure system and a series…
Last year, the Securities and Exchange Commission (“SEC”) amended Regulation D of the Securities Act of 1933 (the “Securities Act”), by adding Rules 506(c), 506(d) and 506(e). As we have described previously, there are several considerations and requirements of Rule…
The Securities and Exchange Commission (“SEC”) recently ordered a cease-and-desist against hedge fund adviser Agamas Capital Management, LP (“Agamas”). The SEC alleged, among other things, that Agamas failed to adopt and implement written compliance policies and procedures as required by…
As the year comes to a close, it is essential for firms to consider end-of-the-year training programs, both now and throughout 2014. The Securities Industry/Regulatory Council on Continuing Education (the “Council”) recently published their Firm Element Advisory (“FEA”) release…
The National Futures Association (“NFA”) announced its new quarterly filing requirement for commodity trading advisors (“CTAs”). The form is called NFA Form PR, and it requires CTAs to report to the NFA such information as general contact information, trading programs…
Recently, the Commodity Futures Trading Commission (“CFTC”) adopted final rules (the “Harmonization Rules”) amending the compliance requirements for operators of investment companies (“RICs”) registered with the Securities and Exchange Commissions (“SEC”), who are also subject to registration as commodity pool…
On July 10 the Securities and Exchange Commission (“SEC”) amended Rule 506 of Regulation D to implement Section 201(a) of the Jumpstart Our Business Startups Act (the “JOBS Act”). The amendments to this Rule caused quite a stir in the…
The Financial Industry Regulatory Authority (FINRA) is considering new rules that would require additional reporting requirements for dark pool trades made by broker-dealers. This announcement was made recently by Richard G. Ketchum, chief executive officer of FINRA, largely in response…