SEC Official States Compliance Examinations of Registered Advisers to Private Equity Funds Will Consider Conflicts of Interest and Offers Guidance on Use of Expert Networks


In remarks before the IA Watch Annual IA Compliance Best Practices Seminar, Carlo V. di Florio, Director, Office of Compliance Inspections and Examinations, or the OCIE,  of the SEC, offered his views on some matters of import to private equity groups and hedge funds. Private Equity Groups and Conflicts of... Read More

Topics: Investment Advisers, Private Equity, Uncategorized

SEC Adopts Proposed Rules on Incentive-based Compensation for Large Broker-Dealers and Investment Advisors


The SEC has adopted proposed rules on incentive-based compensation applicable to broker-dealers and investment advisors that have more than $1 billion in assets.  The rules are being  jointly approved by, and subject to the separate approval of,  the SEC and the Office of the Comptroller of the Currency, Treasury; Board... Read More

Topics: Banking, Broker-Dealer, Employment, Executive Compensation, Investment Advisers

SEC and CFTC Propose Rules Regarding Reporting by Registered Investment Advisers to Hedge Funds and Private Equity Funds


The SEC and CFTC have proposed joint rules regarding reporting by registered investment advisers to private funds and certain commodity pool operators, or CTOs, and commodity trading advisers, or CTAs, pursuant to Title IV of the Dodd-Frank Act.  Among other things,  the SEC defines the terms “hedge fund” and “private... Read More

Topics: Investment Advisers, Private Equity

SEC Staff Study on Investor Access to Registration Information About Investment Advisers and Broker-Dealers


Section 919B of the Dodd-Frank Act directs the SEC to complete a study, including recommendations, of ways to improve the access of investors to registration information about registered and previously registered investment advisers, associated persons of investment advisers, brokers and dealers and their associated persons, and to identify additional information... Read More

Topics: Broker-Dealer, Investment Advisers

FSOC Issues Notice of Proposed Rulemaking Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies


The Dodd-Frank Act mandated that the Financial Stability Oversight Council, or FSOC, ensure that all financial companies whose failure could pose a threat to the financial stability of the United States – not just banks – will be subject to strong oversight. Using the considerations set forth in the Dodd-Frank... Read More

Topics: Banking, Broker-Dealer, Insurance, Investment Advisers, Public Companies and Securities

Dodd-Frank vs. Reality


Last week the SEC “was persuaded” to extend the compliance date for Dodd-Frank Act’s requirement that registered investment advisers provide their clients with brochure supplements written in plain English.  The new compliance dates vary.  The Securities Industry and Financial Markets Association and others requested the delay of the extention of the... Read More

Topics: Investment Advisers