Brad L. Caswell

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On Aug. 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”) issued for public comment a proposed rule (the “Proposed Rule”) requiring investment advisers registered with the SEC (“RIAs”) to establish anti-money laundering (“AML”) programs and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (“BSA”).

The long-anticipated Proposed Rule arrives nearly seven years…

On Sept. 9, 2014, the U.S. Commodity Futures Trading Commission staff granted broad relief intended to remove an obstacle to the ability of market participants, under rules previously promulgated by the U.S. Securities and Exchange Commission, to utilize general solicitation and general advertising in conducting placements of hedge fund and private equity fund interests (and…

SRZ’s video series highlighting the importance of the SEC’s annual review for fund managers features insights from regulatory & compliance partners Marc E. Elovitz and Brian T. Daly and special counsel Brad L. Caswell. The six videos cover key areas of the annual review, including the importance of timing, assessing risk areas and meeting…

Earlier this month, the Division of Corporate Finance (“CorpFin”) of the U.S. Securities and Exchange Commission supplemented — for the second time — its Compliance and Disclosure Interpretations (“C&DIs”) to address some of the questions raised by private fund managers (and others) regarding the “bad actor” disqualification provisions of Rule 506(d).

New Rule 506(d), which…

On Dec. 4, 2013, the Division of Corporate Finance of the U.S. Securities and Exchange Commission supplemented its Compliance and Disclosure Interpretations (“C&DIs”)[1] to address some of the questions raised by private fund managers (and others) regarding the recently promulgated “bad actor” rules contained in new Rule 506(d).[2]

New Rule 506(d), which became effective on…

On April 10, 2013, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission approved joint final identity theft rules, codified as Regulation S-ID (“Identity Theft Red Flags”) by the SEC and as new subpart C (“Identity Theft Red Flags”) to Part 162 by the CFTC. Managers registered with the SEC or the…

The U.S. Securities and Exchange Commission took three significant actions on July 10, 2013:

Final Rules

1. The SEC approved final rules implementing the Congressional mandate under the Jumpstart Our Business Startups Act (the “JOBS Act”) to lift the ban on general solicitation and advertising in private securities offerings made in reliance on Rule 506…

Trade errors can cause substantial harm to hedge fund managers and their investors. Such errors can, among other adverse consequences, undermine investors’ confidence in a manager’s trade execution capability, cause a manager to miss investment opportunities and divert investment and operating resources in the course of correcting errors. As such, managers, investors and regulators are…

Trade errors can prove to be catastrophic for hedge fund managers, particularly where the firm fails to adopt policies, procedures and controls designed to appropriately identify, prevent, detect and handle such errors. The task of instituting robust trade error practices has been complicated by the lack of significant guidance in this area. Nonetheless, regulators and…