The SEC’s Division of Investment Management provided advisers to venture capital funds with guidance on fund structures that do not jeopardize an adviser’s ability to rely on the exemption from registration provided by Section 203(l) of the Investment Advisers Act (the “venture capital exemption”).
If there was an award for “political law issue of the year,” corporate political disclosure would be a front-runner.
As participation in the U.S. Citizen and Immigration Services (USCIS) Immigrant Investor Program or “EB-5 program” grows, regulatory interest is showing a commensurate uptick.
SEC’s Recent Actions Against Two Investment Advisers Raise Important Lessons for All Investment Advisers
Recently announced cases against two registered investment advisers and certain of their executives serve as timely reminders of where the SEC is focusing its attention.
Did you know that banks can go public and trade on Nasdaq and not have to file reports on the SEC’s EDGAR filing system? Well, they can, but it may not be such a good thing. You get this result when a bank goes public without a holding company.
On November 14, Securities and Exchange Commission Chair Mary Jo White delivered a letter to Representative Scott Garrett, Chairman of the House of Representatives Subcommittee on Capital Markets and Government-Sponsored Enterprises for the House Financial Services Committee, in which she answered a number of Representative Garrett’s questions regarding the status of the SEC’s review of the definition of “accredited investor” under Rule 501(a) promulgated under the Securities Act of 1933 (Securities Act).
In what appears to be a case of first impression, the SEC recently granted exemptive relief from the “time-out” provision of the pay-to-play rule, which prohibits a registered investment adviser from providing investment advisory services for compensation to a government entity within two years after an adviser or any of its covered associates contributes money to an official of the government entity.
The Dodd-Frank Act created a comprehensive whistleblowing program by amending the Securities Exchange Act of 1934 to include Section 21F, entitled “Securities Whistleblower Incentives and Protection,” and establishing the “Office of the Whistleblower” to enforce its provisions.
Whistleblower reports to the SEC continued to rise during the latest fiscal year, according to the agency’s annual Dodd-Frank Whistleblower Program report to Congress. According to the November 15, 2013 report, a copy of which can be found here, there were 3,238 whistleblower reports to the SEC during the 2013 fiscal year, brining the total number of whistleblower reports to the agency since the program’s August 2011 inception to 6,573.