The SEC has adopted rules prohibiting “bad actors” from using Rule 506 after September 23, 2013 (the effective date of the rules), or if prohibited conduct occurred prior to the effective date of the rules, the prohibition...more
In General -
Growing companies need to be aware of the requirements of Section 12(g) of the Exchange Act. If the thresholds of Section 12(g) are crossed, which look principally to the number of shareholders, the...more
The SEC announced a deferred prosecution agreement, or DPA, with a former hedge fund administrator who helped the agency take action against a hedge fund manager who allegedly stole investor assets. According to the SEC’s...more
The Public Company Accounting Oversight Board, or PCAOB, adopted two attestation standards pertaining to audits of brokers and dealers. The PCAOB also adopted an auditing standard applicable when auditors are engaged to...more
Andrew Ceresney, SEC Co-Director of the Division of Enforcement, recently gave a talk on financial reporting and accounting fraud. Mr. Ceresney reviewed statistics showing declines in restatements and accounting fraud cases....more
In a recent speech, SEC Chair Mary Jo White spoke to the types of cases where admissions of wrongdoing might be appropriate. According to Chair White, candidates potentially requiring admissions include...more
The SEC has updated its frequently asked questions on Form PF. ...more
The Dodd-Frank Act provided the SEC with new authority, and directed it to use this authority to require registered investment advisers to maintain records and file reports regarding the hedge funds, private equity funds and...more
GAO has completed a report mandated by the Dodd-Frank Act on the accredited investor standard. ...more
SEC Commissioner Daniel M. Gallagher recently gave a speech to the National Conference of the Society of Corporate Secretaries & Governance Professionals....more
Two partners from a self-described law firm that specializes in the representation of whistleblowers have sent a letter to the SEC Commissioners complaining about the use of severance agreements to prevent employees from...more
The SEC opened the barn doors on use of social media, or merely reaffirmed existing guidance, depending on your point of view, in a recent Section 21(a) report....more
The SEC recently granted two accredited crowdfunding sites exemptions from the broker-dealer rules because the type of carried interest (or close equivalent) used to compensate the site is not transaction based compensation. ...more
SEC Commissioner Luis A. Aguilar recently gave a speech setting forth his views on proxy disclosure. Some of the more interesting points were...more
The Office of Compliance Inspections and Examinations, or OCIE, administers the SEC’s nationwide examination and inspection program. The National Examination Program, or NEP, has published its examination priorities to...more
2/25/2013
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Dodd-Frank ,
ETFs ,
Hedge Funds ,
Investment Adviser ,
OCIE ,
Portfolio Managers ,
Private Equity ,
Private Equity Funds ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Craig M. Lewis, Chief Economist and Director, Division of Risk, Strategy, and Financial Innovation, U.S. Securities & Exchange Commission, described the SEC’s “Accounting Quality Model,” or AQM. This model is being designed...more
Various NYSE require listed companies to provide notice to the NYSE upon certain events. The methods specified to give notice vary from rule to rule and sometimes no notice method is specified. The SEC has approved an...more
Bruce Karpati, Chief, SEC Enforcement Division’s Asset Management Unit, recently described enforcement priorities with respect to hedge funds. He noted the Asset Management Unit, comprised of 75 staff across 11 offices,...more