Core Compliance Blog

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 1974 (“ERISA”).

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 from loss, misuse or misappropriation. Under the...

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 December 20, 2010;...

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 and neither held itself out to the public as...

As the regulatory and legal landscape applicable to the financial services industry continues to go through unprecedented changes, CCLS will stay on top of the latest developments and, through this page, provide updates and practical considerations for complying with the new laws and regulations....

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 the general...

The Commodity Futures Trading Commission (“CFTC”) has released final rules to drastically revise the regulatory structure pertaining to off-exchange retail foreign exchange (Forex) transactions, which are set to take effect on October 18, 2010. The adoption of the new rules is the latest effort by...

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) includes significant changes to the registration and reporting requirements under the Investment Advisers Act of 1940 (the “Advisers Act”), including requiring many advisers to private funds to register with the...

In July, the U.S. Securities & Exchange Commission (“SEC”) announced much anticipated revisions to Form ADV Part 2 (the “Disclosure Brochure”), requiring investment advisers to provide clients and prospective clients with narrative, “Plain English” disclosures of the adviser’s business practices,...