SEC Releases Proposed Rules Implementing Amendments to Investment Advisers Act of 1940
On November 19, 2010, the SEC released two separate but related releases proposing new rules and rule amendments governing the registration of investment advisers with the SEC (and exemptions therefrom) to give effect to provisions of Title IV of the … Read More
SEC Small Business Forum on Capital Formation Meets to Develop Recommendations Regarding Implementation of Dodd-Frank Act
On Thursday, November 18, 2010, Core Compliance had the opportunity to participate in the SEC’s 29th Annual Small Business Forum on Capital Formation. The event is designed to give members of the small business community and their advocates the opportunity … Read More
DOL Proposes Expansive New Definition of “Fiduciary” Under ERISA
The Department of Labor has published a proposed rule that would amend the definition of “fiduciary” and would significantly expand the categories of persons who would be deemed to be fiduciaries subject to the Employee Retirement Income Security Act of … Read More
SEC Provides Relief from PCAOB Inspection Requirements for Auditors to Private Funds
Under Rule 206(4)-2 of the Advisers Act (the “Custody Rule”), investment advisers to one or more private funds are deemed to have custody of the assets in the fund and accordingly must implement certain procedures designed to protect those assets … Read More
Department of Labor Issues New Disclosure Requirements for 401(k) Plans
On October 20, 2010, long-awaited Department of Labor (DOL) rules were released in their final form. The new rules require plan fiduciaries, specifically the companies sponsoring 401(k) plans, to make detailed disclosures to plan participants. The rule officially takes effect … Read More
SEC Proposes New Family Office Definition Under Dodd-Frank Act
Currently, many “family offices” have been structured to take advantage of the exemption from registration under section 203(b)(3) of the Investment Advisers Act for any adviser that during the course of the preceding 12 months had fewer than 15 clients … Read More
Core Compliance and the Latest Developments in the Financial Services Industry
As the regulatory and legal landscape applicable to the financial services industry continues to go through unprecedented changes, Core Compliance will stay on top of the latest developments and, through this page, provide updates and practical considerations for complying with … Read More
Delaware Supreme Court Holds that Hedge Funds Formed in Delaware May be Required to Disclose Names and Addresses of all Limited Partners Upon Request
The Delaware Revised Uniform Limited Partnership Act (“DRULPA”), under which many U.S. hedge funds are organized, entitles limited partners to access partnership information and records for purposes reasonably related to their interest as a limited partner, but DRULPA also provides … Read More