Michael Mavrides
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On May 9th, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. For more details on this timely announcement, … Continue Reading
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940, as amended, that would have notable practical implications for private funds advisers, in many cases regardless of the adviser’s registration status. At a high level, the proposed … Continue Reading
On March 30, 2022, the Division of Examinations of the U.S. Securities and Exchange Commission (the “SEC”) announced its examination priorities for fiscal year 2022. The annual publication of the Division’s examination priorities is intended to align with the Division’s four pillars of promoting and improving compliance, preventing fraud, monitoring risk, and informing policy, and … Continue Reading
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940 that would have notable practical implications for private fund advisers, in many cases regardless of the adviser’s registration status. The Proposed Rules include prohibitions or mandates regarding … Continue Reading
The SEC prevailed on a motion to dismiss a closely watched lawsuit alleging that a company employee had engaged in insider trading based on news about a not-yet-public corporate acquisition when he purchased securities of a third-party company that was not involved in the deal. The January 14, 2022 decision in SEC v. Panuwat (N.D. … Continue Reading
The SEC recently charged a former employee of a biopharmaceutical company with insider trading in advance of an acquisition but with a unique twist: Trading the securities of a company unrelated to the merger. The employee, Matthew Panuwat, did not trade his own company’s or the acquiring company’s securities, but instead purchased stock options for … Continue Reading
On November 19, 2020, the SEC’s Office of Compliance Inspections and Examinations published a risk alert providing an overview of notable compliance issues observed in registered investment advisers’ compliance programs. The alert will serve as a useful checklist for advisers seeking to identify weaknesses in their own compliance programs and preparing for the inevitable SEC … Continue Reading
On January 27, 2020, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) published its Cybersecurity and Resiliency Observations. Cybersecurity and data protection for market participants have been key focuses of OCIE for several years. These observations provide useful insights into OCIE’s examination priorities in these areas. OCIE compiled these observations … Continue Reading
On October 4, 2017, U.S. Representative Sean P. Duffy [R-WI-7] introduced U.S. House of Representatives Bill H.R.3948 entitled the “Protection of Source Code Act.” If enacted, the Bill would amend the Securities Act, the Securities Exchange Act, the Investment Company Act and the Investment Advisers Act to prohibit the SEC staff from obtaining algorithmic trading … Continue Reading
The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently published a risk alert noting that the SEC exam staff intends to examine registrants’ compliance with the Dodd-Frank Act’s whistleblower provisions. OCIE intends to examine registered advisers for compliance, in light of recent enforcement cases the SEC has filed based on violations of the Dodd-Frank … Continue Reading
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise concerns under existing pay-to-play regulations. While seemingly straightforward in application, the SEC’s pay-to-play regulations have the potential to present a number of complex … Continue Reading
In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940 (the Advisers Act) from $2 million to $2.1 million. This adjustment is being made pursuant to a five-year indexing … Continue Reading
SEC Reopens Comment Period for Proposed Private Fund Adviser Rules
By Howard J. Beber, Michael Mavrides, Robert E. Plaze and Robert Sutton on Posted in Asset Management, SEC, Securities Law
The Bottom Line of the SEC Proposed Private Fund Rules
By Howard J. Beber, Michael Mavrides, Kelli L. Moll, Robert E. Plaze, Robert Sutton and Christopher Wells on Posted in Asset Management, Compliance, Examinations, Hedge Funds, Private Equity, Regulation, SEC
SEC Division of Examinations Announces 2022 Examination Priorities
By Robert Leonard, Michael Mavrides, Robert E. Plaze, Robert Sutton and Jeffrey D. Greenhouse on Posted in Asset Management, Compliance, Enforcement, Examinations, Hedge Funds, Private Equity, Regulation, Securities Law
SEC Proposes Advisers Act Reforms Focusing on Private Fund Investor Protections
By Monica Arora, Howard J. Beber, David T. Jones, Michael Mavrides, Stephen T. Mears, Robin Painter, Robert E. Plaze, Michael Suppappola, David W. Tegeler, Christopher Wells and Vanessa K. Rakel on Posted in Asset Management, Compliance, Disputes, Enforcement, Hedge Funds, Mergers & Acquisitions, Private Equity, Regulation, SEC, Securities Law
California District Court Upholds SEC’s Novel “Shadow Trading” Theory
By Robert Leonard, Michael Mavrides, Joshua M. Newville, Jonathan Richman, Christopher Wells and Julia Alonzo on Posted in Disputes, Enforcement, Hedge Funds, Private Equity, SEC, Securities Law
MNPI Update – SEC Pursues “Shadow Trading” Insider Trading Case
By Michael Mavrides, Robert Leonard, Joshua M. Newville, Jonathan Richman and Samuel J. Waldon on Posted in Disputes, Enforcement, Hedge Funds, Private Equity, SEC, Securities Law, White Collar
OCIE Issues Risk Alert on Common Deficiencies Observed in Adviser Compliance Programs
By Anthony M. Drenzek, Robert Leonard, Michael Mavrides and Robert E. Plaze on Posted in Asset Management, Compliance, OCIE, Regulation, SEC
OCIE Publishes Cybersecurity and Resiliency Observations
By Robert Leonard, Michael Mavrides, Christopher Wells and Evan Zepfel on Posted in Compliance, OCIE, Private Equity Litigation, SEC
U.S. House Bill Aims to Curtail SEC Staff’s Ability to Obtain Algorithmic Trading Source Code
By Christopher Wells, Robert Leonard, Michael Mavrides, Joshua M. Newville, Anthony M. Drenzek and Lucy C. Wolf on Posted in Compliance, Hedge Funds, OCIE, Private Equity Litigation, Regulation, SEC, Securities Law
Whistleblower Alert – OCIE to Examine Registered Investment Advisers for Overbroad Confidentiality or Severance Agreements
By Robert Leonard, Michael Mavrides, Joshua M. Newville and Anthony M. Drenzek on Posted in Compliance, Disputes, Examinations, Hedge Funds, OCIE, Private Equity, Private Equity Litigation, Regulation, SEC, Securities Law, Whistleblower
Private Fund Advisers Must Pay Close Attention to Nuances under Pay-to-Play Restrictions in Light of Upcoming Elections Nationwide
By Robert Leonard, Michael Mavrides, Christopher Wells, Michael Suppappola and Anthony M. Drenzek on Posted in Compliance, FINRA, Hedge Funds, Private Equity, Private Equity Litigation, Regulation, SEC, Securities Law, Venture Capital
SEC Adopts Higher Net Worth Threshold for Qualified Clients under the Advisers Act
By Anthony M. Drenzek, Michael Mavrides, Robert Leonard, Christopher Wells, Howard J. Beber, Sean J. Hill and Michael Suppappola on Posted in Compliance, Hedge Funds, Private Equity, Regulation, SEC, Securities Law
