Hedge Funds

180-Day Fund of Funds Custody Relief Effective Immediately

The SEC effectively has provided no-action relief to advisers of funds of funds that want to wait 180 days before distributing audited financials to investors, instead of the 120 days specified in the custody rule. Going farther than the rule change announced at the SECs July 14 open meeting, the SEC added an embedded no-action […]

Hedge Fund Manager Registration: The Politics

Last week, SEC Chairman William Donaldson won the battle. It remains to see if he will win the war. During the SECs July 14 meeting, Donaldson described the hedge fund industry as a “one-trillion-dollar corner along Wall Street, with warning signs flashing at us.” The SEC, he said, “simply cant afford to continue to walk […]

Hedge Fund Manager Registration: The Details

The SEC last week proposed to require hedge fund managers to register with the SEC as investment advisers. If registered, hedge fund managers would be subject to the same regulatory scheme (with just a few exceptions) as any other SEC-registered investment adviser and would be subject to SEC inspections.As expected, the proposal passed 3-2, with […]

SEC Proposes to Fix Fund of Hedge Funds Custody Problem

Good news for advisers to funds of hedge funds worried about complying with the 120-day limit for distributing audited financials. The SEC has proposed to strike out that pesky “120” number and replace it with “180.” The amendment to the Advisers Act custody rule was unexpectedly included in a package of proposed rulemakings requiring hedge […]

High Risk Advisers to Be Targeted For Cause Examinations

A group of senior SEC staff is developing a list of factors that will be used to identify high risk advisers for cause examinations by the SECs Office of Compliance Inspections and Examinations (OCIE). The news was announced by Division of Investment Management director Paul Roye at the SECs July 14 meeting on hedge fund […]

Senate Banking Committee Schedules Hedge Fund Hearing

The Senate Banking Committee has scheduled a July 15 hearing on the “Regulation of the Hedge Fund Industry.” Thats just one day after the SEC is scheduled to vote on a controversial new rule proposal that would require hedge fund managers to register with the SEC as investment advisers. The Senate hearing will begin with […]

Despite Controversy, SEC Schedules Hedge Fund Vote

The SEC has scheduled a July 14 meeting to vote on a new Advisers Act rule to require hedge fund managers to register with the SEC as investment advisers. The vote is expected to be 3-2 in favor, with Commissioners Paul Atkins and Cynthia Glassman dissenting. The Division of Investment Management has estimated that between […]

Bear Stearns Allegedly Tipped SEC on Beacon Hills Pricing Problem

Thats just one of the tidbits dropped in the SECs amended complaint against Beacon Hill Asset Management. The complaint, which is worth a read by anyone involved in bond pricing issues, now additionally charges the four principals of BHAM with various fraud counts. Taking a page from Eliot Spitzers playbook, the SEC sprinkled the complaint […]

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.