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Three Bills Proposing Amendments to the Federal Securities Laws Gain Traction in Congress

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The U.S. House of Representatives passed three bills on February 1, 2016 that propose changes to the federal securities laws, including the Securities Act of 1933 (’33 Act) and Securities Exchange Act of 1934 (’34 Act). The Fair Investment Opportunities for Professional Experts Act (H.R. 2187) passed the House by... Read More

Topics: Broker-Dealer, Investment Advisers, Private Equity, Public Companies and Securities

SEC 2016 Examination Priorities for Private Equity and Hedge Funds

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The SEC Office of Compliance Inspections and Examinations, or OCIE, has published its list of 2016 examination priorities. Matters of interest for private equity and hedge fund sponsors include: OCIE will continue conducting focused, risk-based examinations of selected registered investment advisers that it has not yet examined. OCIE will examine... Read More

Topics: Investment Advisers, Private Equity

SEC Warns on Outsourced Chief Compliance Officers

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The SEC’s Office of Compliance Inspections and Examinations, or OCIE, recently issued a risk alert titled “Examinations of Advisers and Funds That Outsource Their Chief Compliance Officers.”  According to the alert, OCIE staff have noted a growing trend in the investment management industry: outsourcing compliance activities to third parties, such... Read More

Topics: Investment Advisers, Private Equity

SEC Preparing to Move Forward on Accredited Investor Definition

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SEC Chair Mary Jo White gave testimony before the House of Representatives Committee on Financial Services.  Ms. White stated the staff is “engaged in a comprehensive review of the “accredited investor” definition. That review and the feedback received through that process will inform the SEC’s consideration of whether to change the... Read More

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

SEC Finalizes Regulation Crowdfunding — Intermediary Requirements

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The Securities and Exchange Commission issued final rules to implement the equity crowdfunding provisions under the JOBS Act on October 30, 2015, termed Regulation Crowdfunding.  This post analyzes the rules and requirements under Regulation Crowdfunding that apply to the intermediaries that facilitate the offerings. Intermediaries and Requirements Section 4(a)(6)(C) of... Read More

Topics: Broker-Dealer, Crowdfunding, Investment Advisers

SEC Finalizes Regulation Crowdfunding – Issuer Requirements

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The United States Securities and Exchange Commission has issued final rules on Regulation Crowdfunding. This post analyzes the “Issuer Requirements” section of the SEC’s adopting release. Issuer Requirements Offering Statement Disclosure Requirements The final rules under Regulation Crowdfunding create new Form C that issuers will use to file the required... Read More

Topics: Broker-Dealer, Crowdfunding, Investment Advisers

SEC Finalizes Regulation Crowdfunding — Capital Raising and Investment Limitations

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The United States Securities and Exchange Commission has issued final rules on Regulation Crowdfunding. The final rules and forms are effective 180 days after publication in the Federal Register, except provisions related to Form Funding Portal and the amendments to Form ID are effective January 29, 2016. This post summarizes... Read More

Topics: Broker-Dealer, Crowdfunding, Investment Advisers