From the category archives:

Regulatory Actions

CPO Reporting Requirements | Commodity Pool Operator Compliance

November 20, 2009

CFTC Regulation 4.22 Overview

CFTC registered commodity pool operators have a number of regulatory and compliance issues to be aware of.  In addition to a having a compliance program which addresses the business and regulatory issues applicable to the manager, one of the more important compliance requirements is found in CFTC Regulation 4.22 which provides the [...]

Read the full article →

Hedge Fund Manager Registration to Cost Taxpayers $140 Million (at least)

November 17, 2009

CBO Calculates Cost of House Hedge Fund Bill
This past week the Congressional Budge Office (“CBO”) released a cost estimate of H.R. 3818, the Private Fund Investment Advisers Registration Act of 2009.  In a number of private conversations I have had about hedge fund registration over the last 9-12 months one of the issues that was [...]

Read the full article →

Insider Trading Overview

November 15, 2009

In light of the recent focus on insider trading, we are publishing the SEC’s discussion on Insider Trading which can also be found here.  The information below contains a broad overview of some of the important aspects which hedge fund managers should understand about the insider trading prohibitions.
For a greater background discussion on the legal [...]

Read the full article →

Investment Adviser Representative Registration Requirement

October 18, 2009

Employees of Registered IAs Must Generally be Registered
State registered investment advisory firms need to make sure that their employees who are deemed to be “investment advisory representatives” are appropriately registered. This means that any employee (or owner) of the IA firm who provides investment advice or who has supervisory authority will generally need to [...]

Read the full article →

Hedge Fund Manager Charged with Insider Trading

October 16, 2009

SEC Brings Case Against Raj Rajaratnam
Below is another case of a hedge fund manager who was alledgedly engaged in insider trading. The SEC seems particularly excited about this cased because of the high profile nature of the manager who was involved. The major charge is against Raj Rajaratnam who reportedly has a net [...]

Read the full article →

Series 79 Exam Approved

July 30, 2009

http://www.hedgefundlawblog.com
SEC Approves  New Exam for “Limited Representative” Investment Bankers
The long anticipated Series 79 Examination has finally received approval by the SEC, and information will now be made available to the public regarding the content of the exam, the modifications to the original licensure rules, and the scope and intent of the new rule in establishing [...]

Read the full article →

SEC Announces New Short Sale Rules

July 27, 2009

One of the major regulatory pushes this year by the SEC has been to revamp the short sale rules.  Today the SEC announced some specific measures which are intended to curtail abusive short sales.  We will likely have more comments on this issue going forward and will publish hedge fund industry reaction.
****
SEC Takes Steps to [...]

Read the full article →

Series 79 Exam

July 3, 2009

FINRA to Announce New Investment Banking Examination
For many years now all brokers have been treated equally with regard to examination requirements. Whether a broker was working solely with retail clients or solely with institutions on a private placement basis, each such broker would need to take and pass the Series 7 examination in order [...]

Read the full article →

SEC to Examine Short Sales

April 27, 2009

Last year we discussed the SEC’s ban on short sales and the implementation of the new Form-SH.  Next week the SEC will be considering modifications to the short sales rules.  The press release is below and we will continue to bring updated information on this issue.
****
SEC to Hold Roundtable on May 5 to Examine Short [...]

Read the full article →

Hedge Fund Due Diligence Firm Drops Ball, Receives Fine

April 26, 2009

In what represents an unbelievable screw-up, professed hedge fund due diligence firm Hennessee Group was charged by the SEC with not performing the due diligence it supposedly provided to hedge fund investors who used their services.  According to the SEC Administrative Order, Henessee did not perform certain key elements of the due diligence process which [...]

Read the full article →

← Previous Entries