Internal Control Oversights Charged to Trans-Atlantic Hedge Fund-Holding Company Partnership by SEC
In yet another case of negligence in regulatory internal controls, the Securities and Exchange Commission (SEC) sanctioned GLG Partners L.P., a UK-based hedge fund adviser, and its US-based holding company, GLG Partners Inc., with failure to implement the “proper controls” … Read More
When Is An Investment Adviser Managing Venture Capital Funds Exempt From Registration?
Many investment advisers may be aware of the exemption from Securities and Exchange Commission (SEC) registration that is available for those who manage venture capital funds. But who exactly is eligible for an exemption, and how is a “venture capital … Read More
Risk Management Update Profile – Federal and State Regulations Governing Investment Adviser Privacy Safeguards
At the end of each month, Core Compliance & Legal Services, Inc. (“Core Compliance”) publishes a Risk Management Update (RMU), an in-depth article written by one of our staff members on a currently relevant topic in compliance, securities, and investment … Read More
NASAA Supports SEC’s Initiative to Increase Investment Adviser Exam Funding
The North American Securities Administrators Association (NASAA) released a statement on November 22, 2013, in support of the Securities and Exchange Commission’s (SEC’s) request to increase legislative funding for one of its most critical operations: investment adviser examinations. Proposed by … Read More
Is Your Fund Name Connoting Safety Misleading Investors?
A Guidance Statement released by the Securities and Exchange Commission’s (SEC) Investment Management Division in early November 2013 offers a warning to mutual funds and other investment companies to avoid naming funds in such a way that “suggests safety or … Read More
SEC Elaborates on Issue of Qualified Client Statuses of Specific Private Investors
At the start of November 2013, the Securities and Exchange Commission’s (SEC) Investment Management Division released a Guidance Statement to address certain inquiries regarding the determination of the “qualified client” status under Rule 205-3 of the Investment Adviser’s Act of … Read More
Three Advisory Firms Charged with Violating SEC Custody Rule
The Securities and Exchange Commission (SEC) rounded out a busy month of issuing enforcement actions by charging three investment advisory (IA) firms with violations of Section 206(4) and Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Custody Rule”). … Read More
Compliance Program Sanctions Made to Three IA Firms Under SEC Initiative
Enforcement actions by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and other US regulatory bodies continue at a steady pace in the fourth quarter of 2013, as the SEC announced in late October that as part … Read More
