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Publications
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02.13.2024The U.S. Department of Treasury, Financial Crimes Enforcement Network Proposes New and Expansive Anti-Money Laundering Rules For Investment AdvisersBlogsFinCEN has proposed AML/CFT rules for SEC-registered investment advisers and exempt reporting advisers that file with the SEC.
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2013 - 2024Relying AdvisersLawyer Publications
Chapter, Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law, ed. Clifford Kirsch (Practising Law Institute)
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2012 - 2024Private Fund ReportingLawyer Publications
Chapter, Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law, ed. Clifford Kirsch (Practising Law Institute)
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03.17.2023Investment Company Status Considerations for Cash Positioning in Wake of Bank FailuresUpdates
The recent failures of Silicon Valley Bank and Signature Bank have roiled the banking sector and stock markets. They also have also caused many companies to consider their cash positioning.
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12.2021Developments in 2021 for SPACs Under the 1940 ActArticles
The Investment Lawyer, Vol. 28, No. 12
In their third decade of existence, special purpose acquisition companies (SPACs), have gone from novel to ubiquitous. According to the Wall Street Journal, during the first quarter of 2021 alone, SPACs raised nearly $75 billion and accounted for more than 70 percent of all initial public offerings, a 20 percent increase over 2019.
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01.21.2021SEC Overhauls Registered Investment Adviser Marketing RulesUpdatesThe U.S. Securities and Exchange Commission (SEC or the Commission) on December 22, 2020, amended the main advertising rule under the Investment Advisers Act of 1940 (the Advisers Act) as part of a rulemaking package (collectively, the Rulemaking).
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07.27.2020How the Characteristics of Digital Assets Affect Compliance With the Custody RuleArticles
IAA Today
Registered investment advisers that provide advice to clients about digital assets therefore face novel questions in determining how to custody such digital assets. -
09.01.2018Crypto FundamentalsArticles
Trust Quarterly Review (Vol 16 Iss 3), pp.12 - 19
What is ‘custody’ and how does it relate to fiduciaries? ‘Custody’ is defined in different ways, depending on its purpose. At its core, custody relates to an arrangement under which an asset is recognised as being owned, or otherwise possessed by a person, on the person’s own behalf or on behalf of another. -
06.22.2018Senior SEC Official Provides Regulatory Clarity for Digital AssetsUpdatesDuring a speech in San Francisco last week at the Yahoo Finance All Markets Summit, William Hinman, Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), provided some welcome clarity regarding the applicability of the federal securities laws to digital assets and tokens projects.
This update was published in ABA Business Law Today "Ether Is Not A Security: Summary of SEC Division of Corporation Finance Director Hinman’s Remarks," on 06.2018. -
01.11.2018SEC Takes Aim at Initial Coin Offerings AgainUpdatesIn its most significant action since issuing the DAO Report in July 2017, the SEC again took aim at initial coin offerings on December 11, 2017, when, through its new Enforcement Cyber Unit, the SEC entered into an administrative settlement with Munchee, Inc., for conducting unregistered offers and sales of securities.
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05.2017SEC Charges Private Fund Administrators With Gatekeeping FailuresArticlesThis article explores the factual and legal contours of SEC administrative settlements with a fund administrator, as well as related enforcement actions against investment managers, to better understand the affirmative steps the SEC is expecting financial service providers to take to help root out fraud and misappropriation in the financial services sector.
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03.22.2017United States: SEC Enforces Campaign Contributions RuleArticlesOn January 17, 2017, the SEC announced a number of political contribution-related settlements with investment advisers, both registered and exempt. As background, Rule 206(4)-5 under the Investment Advisers Act of 1940 limits the size of political contributions that certain personnel of an investment adviser may make to state and local officials, among other things.
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03.2017As Fintech Platforms Grow Up, Investment Management Firms Face the ‘Problems of Tomorrow’Articles
The Investment Lawyer, vol. 24, no. 3
Less than two decades ago, fund groups wrestled with whether it was worthwhile to create websites.
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06.30.2016SEC Charges Private Fund Administrator with Gatekeeping FailuresUpdatesThe SEC announced two administrative settlements in June, with a fund administrator that provided accounting and fund administration services to several private funds based on its alleged failure to heed red flags and correct faulty accounting by two private fund managers.
This update was republished in the Journal of Investment Compliance May 2017 issue, " SEC Charges Private Fund Administrator With Gatekeeping Failures ." -
04.19.2016ICI Mutual Funds Conference Outlines the SEC's 2016 AgendaLawyer PublicationsThe Investment Company Institute’s annual Mutual Funds and Investment Management Conference heralded springtime and a fresh approach to the regulation of registered funds.
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03.09.2016Preparing For SEC’s Pursuit Of Compliance OfficersArticles
Law360
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03.07.2016Preparing for the SEC’s Increased Pursuit of Compliance OfficersUpdatesThe SEC’s recent aggressive enforcement posture against chief compliance officers has raised many concerns, including whether the SEC’s actions are actually chilling robust compliance efforts.
This update was featured in Today's General Counsel on 03.17.2016 as "Is SEC Monday Morning Quarterbacking, By Targeting Compliance Officers?" -
03.2015 / 04.2015Investment Advisers Act Compliance Developments in 2015Articles
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03.2014 / 04.2014Investment Advisers Act Compliance Developments in 2014Articles
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12.2013The Transatlantic Challenge of Data PrivacyLawyer Publications
Chapter, Report of the Task Force on Transatlantic Cooperation on Financial Regulatory Reform, (coordinated by Atlantic Council, Thomson Reuters, and TheCityUK)
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01.2013 / 02.2013Investment Advisers Act Compliance Developments in 2013Articles
Practical Compliance & Risk Management for the Securities Industry
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12.2012Preparing for Your SEC Audit: An Investment Adviser’s Survival GuideArticles
Securities Regulation and Law Report
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11.2012 / 12.2012Advertising Rules for Private Funds: A Post-JOBS Act PrimerArticles
The Investment Lawyer
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03.2012“Investment Company Act Status of Non-U.S. Issuers – Updated Commentary on Book-Entry Deposit Procedures under Section 3(c)(7) of the Investment Company Act”Articles
The Investment Lawyer
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01.2012“New Form PF to Dramatically Expand Reporting by Private Fund Managers”Articles
The Investment Lawyer
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11.2011 / 12.2011Investment Advisers Act Compliance Developments in 2012Articles
Practical Compliance & Risk Management for the Securities Industry
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05.2010“Jones v. Harris Associates L.P. – Mutual Fund Fees and the Supreme Court: What Next?”Articles
Securities Regulation and Law Report
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03.20102010 Brings Raft of New U.S. Privacy Rules for Asset Management BusinessesArticles
Privacy and Security Law Report
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2010Privacy and Information SafeguardingLawyer Publications
Chapter, The US Private Equity Fund Compliance Guide: How to Register and Maintain an Active and Effective Compliance Program under the Investment Advisers Act of 1940 (Private Equity International)
Presentations
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03.14.2023Considerations for Investing in Digital Assets for Clients and the Proposed Custody RuleSpeaking EngagementsPanel Moderator
Investment Adviser Association
2023 Investment Adviser Compliance Conference / Washington, D.C. -
02.02.2021Update for Family Offices on Regulation Best Interest and the Corporate Transparency ActSpeaking Engagements
Telephone Seminars
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11.19.2020Private Trust Companies: AML and KYC under the Bank Secrecy ActSpeaking Engagements
Webinars
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10.28.2020State of the State for Investment Funds in COVID-19 Era – Success of Specialized Funds in Venture Capital and Private EquityWebinarsA timely discussion with key industry thought leaders representing several funds as we examine the climate for investment funds’ activities, their fundraising, LP relationships, and the special circumstances that may be affecting their portfolio companies, both positively and negatively.
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11.11.2019AML and KYC Under the Bank Secrecy Act: History, Requirements and DevelopmentsSpeaking EngagementsPresenter
Continuing Education Seminar / Houston, TX
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10.21.2019Investment Company Compliance 101Speaking EngagementsPanelist
National Society of Compliance Professionals National Conference / Baltimore, MD -
10.18.2017Crowdfunding + Blockchain = Tokenized SecuritiesSpeaking EngagementsGeorgetown University’s 1st Annual Fintech Week / Washington, D.C.
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09.28.2017U.S. Regulatory Discussion for Funds and Investment Managers in BrazilSpeaking EngagementsSeminar Panelist
Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais / São Paulo, Brazil -
03.13.2017Fintech Meets IM: A Discussion of Regulatory Developments in the Changing MarketplaceSpeaking Engagements
Panelist
Perkins Coie Event at ICI 2017 Mutual Funds and Investment Management Conference / Palm Desert, CA -
03.10.2017Blockchain and the Asset Management Industry with the Emergence of ETFs: Considerations for Funds, Investment Advisers, and Their Service ProvidersSpeaking Engagements
Presenter
Accounting Blockchain Coalition (ABC) / Webinar -
12.02.2016Choppy Waters Ahead? An Insight into the Evolving Legal and Regulatory LandscapeSpeaking EngagementsConference Panelist
Campbells Fund Focus 2016 / Cayman Islands -
06.25.2015FinTech: Innovation & RegulationSpeaking Engagements
Milken Institute / Washington, D.C.
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01.16.2015Securities Matters, Cryptocurrencies and Distributed LedgersSpeaking EngagementsMIT Media Labs and Harvard University / Boston, MA
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09.12.2014Private Equity Fund Sponsors: Advisers Act Considerations When Structuring a FundSpeaking Engagements
Conference Panelist
New York City Bar / New York, NY -
07.16.2014Private Funds’ Investor Eligibility Standards and Related ConsiderationsSpeaking EngagementsPresenter
Continuing Education Seminar / Houston, TX -
04.03.2014Preparing for an SEC ExamSpeaking EngagementsSession Co-Moderator
Mutual Fund Directors Forum / Washington, D.C.
