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On March 15, 2019, the U.S. Securities and Exchange Commission charged a private fund manager and its former chief operating officer with manipulating the price of an asset sold by one client to another. The SEC’s orders charge Talimco LLC and its former Chief Operating Officer Grant Rogers with breaching their fiduciary duties in violation…

The National Futures Association issued two Interpretive Notices that will affect all private fund managers that are NFA members (i.e., managers with funds or accounts that trade commodity interests and that are not eligible for an exemption from registration with the Commodity Futures Trading Commission). While the Interpretive Notices address different areas of risk —…

Partner Marc Elovitz outlines the key considerations for managers investing in cryptocurrencies in this SRZ Insights video.

SRZ Insights videos feature Schulte attorneys sharing their expertise on timely topics in the financial services industry. For more SRZ Insights, visit Schulte on YouTube or Vimeo.

Special counsel David Griffel discusses relevant U.S. tax law as of June 2018 that affects non-U.S. managers in this SRZ Insights video.

SRZ Insights videos feature Schulte attorneys sharing their expertise on timely topics in the financial services industry. For more SRZ Insights, visit Schulte on YouTube or Vimeo.

The Securities and Exchange Commission (“SEC”) continues to actively enforce Rule 21F-17 under the Securities Exchange Act of 1934, which provides that “no person may take any action to impede an individual from communicating directly with the Commission staff about a possible securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement ……

On April 7, 2016, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s proposed amendments to NASD rule 1032 (Categories of Representative Registration). These amendments will require FINRA members to register associated persons who are primarily responsible for the design, development or significant modification of “algorithmic trading strategies” (or for the day-to-day supervision…

The Cayman Islands (along with the United Kingdom, Ireland, Jersey, Guernsey, the British Virgin Islands and over 70 other countries) has committed to implementing the OECD Common Reporting Standard (“CRS”), which will require investment funds to collect tax identification and tax residency information from all new subscribers and transferees (including debt-holders and equity-holders) who become…

Today, Aug. 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, issued for public comment a 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 “Proposed Rule”).
Continue Reading New Anti-Money Laundering Rules for Registered Investment Advisers Proposed by FinCEN