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The Securities and Exchange Commission today voted to propose new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers and to protect private fund investors by increasing… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The Securities and Exchange Commission today charged BlockFi Lending LLC (BlockFi) with failing to register the offers and sales of its retail crypto lending product. In this first-of-its-kind action, the SEC also charged BlockFi with violating the… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys It is always good to know what regulators are going to focus on, and to prepare for that exam. The Securities and Exchange Commission today announced that James E. Grimes has been named the agency’s Chief Administrative Law Judge. Judge Grimes will lead the SEC’s impartial Office of Administrative Law Judges that conducts hearings, issues initial… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The Securities and Exchange Commission today issued its annual Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs), providing a summary of the SEC staff’s examinations of NRSROs and discussing the state of competition,… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The Securities and Exchange Commission today announced that LizAnn Eisen has been named Deputy Director, Disclosure Program, for the Division of Corporation Finance. In this role, she will ensure the effectiveness of the division’s review of company… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The SEC is proposing to amend Form PF for certain SEC-registered advisors to private funds. The amendments will affect the disclosure of the fees and other compensation that are paid to a registered representative of an adviser of a private fund. In this Notice, we refer to the “proposed amendments” unless otherwise specified. The Commission is also proposing to adopt new rules under the Advisers Act that address the requirements of the proposed amendments. The proposed amendments would also require large hedge fund advisers and private equity fund advisers to file the Form ADV with the Commission, and the Form ADV with the SEC, by February 15 of the following year, or as soon as practicable thereafter. These advisers would file reports within one business day of events that indicate significant stress at a fund that could harm investors or signal risk in the broader financial system. The proposed amendments would provide the Commission and FSOC with more timely information to analyze and assess risks to investors and the markets more broadly. The proposal also would decrease the reporting threshold for large private equity advisers from $2 billion to $1.5 billion in private equity fund assets under management. Lowering the threshold would result in reporting on Form PF that continues to provide robust data on a sizable portion of the private equity industry. Finally, the proposal would require more information regarding large private equity funds and large liquidity funds to enhance the information used for risk assessment and the Commission’s regulatory programs. “Since the adoption of Form PF in 2011, a lot has changed,” said SEC Chair Gary Gensler. “The private fund industry has grown in size to $11 trillion and evolved in terms of business practices, complexity of fund structures, and investment strategies and exposures. The Commission and Financial Stability Oversight Council now have almost a decade of experience analyzing the information collected on Form PF. We have identified significant information gaps and situations where we would benefit from additional information. Among other things, today’s proposal would require certain advisers to hedge funds and private equity funds to provide current reporting of events that could be relevant to financial stability and investor protection, such as extraordinary investment losses or significant margin and counterparty default events. I am pleased to support it.” The proposal will be published on SEC.gov and in the Federal Register. The public comment period will remain open for 30 days after publication in the Federal Register. ____ The attorneys at Sallah Astarita & Cox, LLC are former SEC Senior staff attorneys and counsel to brokerage firms, private funds, and investment advisors. For more information, or a telephone consultation, call 212-509-6544. The Securities and Exchange Commission today announced settled fraud charges without a penalty against HeadSpin, Inc., a private technology company that made significant remedial efforts in the wake of an internal investigation into misconduct by its now… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The Securities and Exchange Commission today announced that Kristin Snyder, Deputy Director of the Division of Examinations (EXAMS), is leaving the agency at the end of this month after more than 18 years of service. Joy Thompson has been named Acting… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys The Securities and Exchange Commission today announced three awards totaling more than $40 million to four whistleblowers who provided information and assistance in three separate covered actions. In the first order, the SEC issued an award of… Have a securities law question? Call New York Securities Lawyers at 212-509-6544. Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys
Tag Archives: securities lawyer
SEC Proposes to Enhance Private Fund Investor Protection
BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending Product
FINRA 2022 Exam Priorities
Today FINRA released its 2022 Report on Examination and Risk Monitoring Program (the Report). While not a road map it provides firms with information that may help inform their compliance programs.
We will post our analysis and tips in the next few days, but FINRA is giving you their signals.
PAY ATTENTION, you don’t need to be a Houston Astro and steal signals!
Sallah Astarita & Cox, broker dealer counsel and former SEC attorneys, have been doing this for DECADES. Call and let’s make you are setup for the 2022 examinations.
The report identifies the relevant rule(s), highlights key considerations for member firms’ compliance programs, summarizes noteworthy findings from recent examinations, outlines effective practices that FINRA observed during its oversight, and provides additional resources that may be helpful to member firms in reviewing their supervisory procedures and controls and fulfilling their compliance obligations.
Call Sallah Astarita & Cox at 212.509.6544 to find out how they can work with your compliance department to get through the next sweep.
James E. Grimes Named Chief Administrative Law Judge at SEC
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program
Private Fund Reporting Requirements to be Amended
Remediation Helps Tech Company Avoid Penalties
Kristin Snyder, Deputy Director of Division of Examinations, to Leave SEC
SEC Issues Awards Totaling More Than $40 Million to Four Whistleblowers