In this SRZ Insights video, partner Brian Daly discusses the potential impact of Form ADV amendments on U.K. investment managers. He addresses key aspects of the major changes — including how the biggest change impacts the use of the client- and investor-friendly umbrella registration by non-U.S. managers.
Brian T. Daly
Brian Daly Discusses Commodities-Related Litigation with Corporate Disputes Magazine
In an interview with Corporate Disputes Magazine, partner Brian Daly discusses key issues facing commodities markets, including the impact of the current regulatory environment and common types of commodities-related litigation. He also discusses the steps companies can take when facing commodities-related litigation, and his expectations for how commodities litigation will develop over the next 12…
Recent CFTC Rule Changes That Affect Hedge and Private Equity Fund Managers
In recent weeks, the U.S. Commodity Futures Trading Commission has issued several final rules and rule proposals that directly affect hedge fund managers that trade in futures contracts (and in other commodity interests) and private equity fund managers with portfolio companies that may, as part of a hedging or raw materials acquisition effort, engage in…
New Form ADV: The Impact on Private Fund Advisers
On Aug. 25, 2016, the U.S. Securities and Exchange Commission adopted a final rule that amends Form ADV — the filing that investment advisers registered with the SEC use to apply for and maintain their registration and that exempt reporting advisers utilize to claim and maintain their registration exemption. The SEC also amended its books…
Rule 105 Update: New Round of Enforcement Highlights SEC Approach on Short-Selling Violations
The Enforcement Division of the U.S. Securities and Exchange Commission (“SEC”) continued its “Rule 105 initiative” this year, culminating in settlements with six firms that total more than $2.5 million in monetary sanctions, in addition to other sanctions. These cases highlight important components of the SEC’s approach to Rule 105 enforcement. Fund managers should review…
Securities, Futures Regulators Increase Scrutiny, Expectations on Cybersecurity
Financial regulators are emphasizing the risk poor cybersecurity poses to market integrity and financial stability, and elaborating on policies and controls they expect the firms they oversee to have in place. Investment managers’ responsibility for cybersecurity has grown like compound returns. The SEC’s Office of Compliance Inspections and Examinations disclosed that its examination staff would…
Cybersecurity Update: Takeaways from OCIE’s Examination Initiative and the NFA’s Rulemaking Proposal
As the end of 2015 approaches, financial regulators continue to emphasize the risk that poor cybersecurity poses to market integrity and financial stability, and to elaborate on the policies, procedures and controls they expect investment advisers, commodity pool operators and registered investment companies to have in place.
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CFTC Determines That Bitcoin and Other Virtual Currencies Are Commodities
n Sept. 17, 2015, the Commodity Futures Trading Commission issued an order against an online platform (and against its sponsor) for facilitating the trading of Bitcoin options contracts.[1] The Order is based on the activities of Francisco Riordan, the chief executive officer of Coinflip Inc., and of Coinflip itself in operating an unregistered online trading…
Manufacturers Vulnerable to Theft of Trade Secrets
Systems that allow manufacturing companies to control industrial machinery remotely present additional cyber risk when it comes to the protection of trade secrets. Security experts are advising boards of such companies to include these often-overlooked systems in cyber-risk reviews. The issue is becoming more serious as attacks on these industrial control systems, also known as…
Case Study: Form ADV
In the proposing release for the Form ADV amendments, the SEC is asking advisers to provide substantial amounts of information on their managed accounts. The new information gathered on Form ADV is meant to be a complement to Form PF data that is already collected by the U.S. government. The questions differ slightly and managers…