Hedge Funds

Private Equity Adviser Feels the Sting of SECs Fee, Expense and Disclosure Focus

Its just the latest one, but its telling: Private equity fund adviser First Reserve Management on September 14 settled SEC claims that it failed to disclose conflicts of interest involving fees and expenses it charged its funds.

Hedge Fund Manager Gets 15 Months for Obstructing SEC Investigation

Dont think it stops with disgorgement and a civil money penalty. Some advisory firm managers may face jail time if the government thinks the offense is serious enough.

Private Equity Adviser Exams: Fees and Expenses Likely to Dominate the Visit

Advisers to private equity funds preparing for a visit from SEC examiners need to keep their eye on the ball: While examiners may inquire into a number of areas, the bulk of the visit is likely to be spent on the fees and expenses charged to funds and portfolio companies.

Senators Request Private Equity Investor Bulletin

SEC chair Mary Jo White found what may have been an unexpected missive in her office mailbox a few days ago: a letter from eight Senate Democrats and independent senator Bernie Sanders requesting that the agency publish an investor bulletin "that consolidates the SECs findings and warnings with respect to private equity investments."

IAA Wants New Accredited Investor Definition to Include Persons Retaining Advisers

Before the SEC adopts a new definition of "accredited investor," the Investment Adviser Association wants that definition to include persons who hire a registered investment adviser to manage their investments on a discretionary basis. But if the Commission does so, it will be going against the wishes of its staff, which recommended against such a move.

Two Hedge Fund Managers at Same Firm Face Separate Insider Trading Charges

Whats worse than one hedge fund manager charged with insider trading at your firm? Two hedge fund managers charged with insider trading. This might usually be said in humor, but not in this case.

PE Adviser Settles with SEC for Failing to Register as a Broker-Dealer

Is it a harbinger of things to come? A private equity fund adviser and its owner on June 1 paid more than $3.1 million to settle charges from the SEC that they, among other things, charged fees for brokerage services, but failed to register as a broker-dealer with the Commission.

Proposed Incentive-Based Compensation Rule: Advisers Should Pay Attention

The proposed rule issued May 6 by the SEC and five other federal agencies that would prohibit financial institutions from offering incentive-based compensation encouraging inappropriate risk taking should be viewed with concern by at least large investment advisers. While the rule would affect only advisers with more than $1 billion in assets, the way the SEC counts such advisers may mean that some firms that believe they are under the threshold may actually fall within it.

Ceresney Names Private Equity Enforcement Targets, Counters Defense Arguments

When it comes to playing offense in the private equity arena, SEC Division of Enforcement director Andrew Ceresney is not only making clear what the agencys targets are - hes seeking to neutralize the opposition by letting advisers and their attorneys know what defenses wont work.

Final Version of SEC Strategic Plan Lists Guidance for Private Fund Advisers

The SEC on April 22 issued the final version of its five-year strategic plan. The adopted version of the "Strategic Plan Fiscal Years 2014-2018" looks remarkably like the February 2014 draft version, with one of the few exceptions being the addition of providing guidance to private fund advisers.

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.