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Articles on this Page
- 01/19/17--06:44: _SEC Staff Announces...
- 02/10/17--06:36: _The Top Ten Regulat...
- 03/13/17--08:43: _SEC Speaks: 2017 En...
- 03/27/17--09:43: _SEC Announces 2017 ...
- 04/03/17--07:01: _Proskauer Releases ...
- 05/01/17--12:29: _Cyber Attack Protec...
- 05/17/17--06:50: _Reported Criminal P...
- 06/07/17--15:28: _SEC Continues to Us...
- 06/20/17--12:24: _Valuation of Illiqu...
- 07/20/17--09:35: _Best Practices for ...
- 07/28/17--07:50: _SEC Chairman Identi...
- 09/18/17--06:43: _Snap Judgment: Unic...
- 01/19/17--06:44: SEC Staff Announces 2017 OCIE Examination Priorities
- 03/13/17--08:43: SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds
- 05/01/17--12:29: Cyber Attack Protection Steps for Investment Firms
- 07/28/17--07:50: SEC Chairman Identifies Guiding Principles
On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar year. The 2017 examination priorities are organized around three thematic areas: (i) examining matters of importance to retail investors; (ii) focusing on risks...… Continue Reading
Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected and aligned past practices with current regulatory guidance. In this post, we have highlighted ten areas that should be on...… Continue Reading
At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on retail investors, the staff discussed several topics that private fund advisers should keep in mind from both an enforcement...… Continue Reading
On Thursday, March 23rd, the Securities and Exchange Commission announced the opening of registration for its compliance outreach program seminars for investment companies and investment advisers. The seminars will be offered in four U.S. cities and are intended to help Chief Compliance Officers (CCOs) and other senior personnel enhance compliance programs at investment companies and...… Continue Reading
We are pleased to announce that Proskauer has released Regulation of Investment Advisers by the U.S. Securities and Exchange Commission, by Robert E. Plaze, who recently joined Proskauer as a partner. Bob previously served as Deputy Director of the Division of Investment Management of the SEC. This publication, which draws on Bob’s nearly 30 years...… Continue Reading
We are reaching out to our investment firm clients to advise them of an email “spear phishing” scam that has targeted investment firms recently, attempting to lure their personnel into inadvertently revealing their email account credentials to criminal fraudsters, and making wire transfers to the criminal’s account instead of the intended account. There has been...… Continue Reading
According to recent news reports, the DOJ and the SEC are investigating the possible improper use of third-party broker quotes by hedge fund managers to value illiquid debt securities in their portfolios. Prosecutors are reportedly focused on possible instances where fund managers allegedly solicited predetermined or improper quotes from brokers, and used those estimates to...… Continue Reading
The SEC has been active in pursuing several insider trading cases this year on both the large and the small-scale, some of which involved trades that yielded profits as small as $40,000-$60,000. Why does the enforcement division spend resources on these smaller cases? And how will the SEC continue to investigate new leads through data...… Continue Reading
For private fund managers, the valuation of privately-held securities has been subject to heightened regulatory scrutiny. As the IPO on-ramp for private “unicorn” investments has lengthened, fund managers may hold illiquid investments for longer-than-expected time periods—and valuation-related risks increase as the time lengthens between purchase and exit. This is the second of two blog posts...… Continue Reading
Proskauer partners Jeff Neuburger, Robert Leonard, Josh Newville and Jonathan Richman recently invited hedge fund executives to discuss the complex regulatory and compliance issues raised by the use of alternative data. Jeff, Robert and Josh also contributed an article to the Hedge Fund Law Report on Best Practices for Private Fund Advisers to Manage the Risks of...… Continue Reading
On July 12, 2017, newly appointed SEC Chairman Jay Clayton delivered a speech at the non-partisan Economic Club of New York wherein he set forth several high-level guiding principles for the agency. In general, these remarks focused on (i) ensuring protections for retail investors, (ii) positioning the SEC as a regulator which is able to...… Continue Reading
The recent IPOs of Snap, Inc. and Blue Apron indicate that while the IPO pipeline continues to flow, there may be a cautionary tale for “unicorns” – venture-backed companies with estimated valuations in excess of $1 billion. After Snap went public in March, it posted a $2.2 billion loss in its first quarter, yielding a...… Continue Reading