Brian Daly
Montreal
Versatile, experienced, tech-savvy journalist with experience in every branch of the media.
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Articles by Brian Daly
Olivia Morris shares her secrets to a colourful coastal garden
“It’s a back garden but it feels like a front garden,” says Olivia Morris as she surveys the view from her clifftop home in St...
How Did Aristotle Shape Ancient Greek Philosophy?
The 4th-century BCE Greek philosopher Aristotle is often called the “Father of Western Philosophy” or even just “The Philosopher.” This is even though he was the student of Plato, who was in turn a student of Socrates, two of the biggest names in Greek philosophy. What did Aristotle contribute to the philosophical method to earn him these titles? Who Was Aristotle?
How Did Aristotle Shape Ancient Greek Philosophy?
Now NEW YORK CITY — Alex Bores had known for a while that a political operation called Leading the Future, funded by artificial-intelligence industry leaders, would be coming after him in his race to replace Democrat Jerry Nadler in New York’s 12th congressional district. He just wasn’t sure how. The …
How Did Socrates Shape Classical Greek Philosophy?
Socrates is often considered the first in a line of the forebear of some of Greece’s most important philosophers, with his ideas and methodologies influencing many of the great Greek schools of philosophical thought. Socrates himself left behind no written texts, so what do we know about his life, ideas, and influence on Greek philosophy? Socrates was born in approximately 469 BCE during the Athenian Golden Age.
Why Did Socrates Focus on Self-Knowledge and Introspection?
Socrates had a profound impact on the trajectory of Western philosophy despite insisting, “all I know is that I know nothing.” This claim alone could be misconstrued to suggest Socrates didn’t think there was anything that could be known, but this couldn’t be further from the truth. The existence of eternal truth is fundamental to Socrates’ philosophy.
Who Needs a Jetpack?
The fifty-foot journey. Story by Brian Daly Arnaud Sioho has a spring in his step. His hop and jump are springy, too. The lithe and powerful South Portland High senior is Maine’s first high school athlete to break fifty feet indoors in the triple jump. At USM’s Costello Field House in February, he jumped 50 feet, 1 ¾ inches. That’s out there. And when the indoor track season ended, he was ranked fourth in the country among high schoolers, only 6 ¾ inches behind the leader.
Comparing Short Cognitive Screening Instruments in an Outreach Memory Clinic in Primary Care
All articles published by MDPI are made immediately available worldwide under an open access license. No special permission is required to reuse all or part of the article published by MDPI, including figures and tables. For articles published under an open access Creative Common CC BY license, any part of the article may be reused without permission provided that the original article is clearly cited. For more information, please refer to https://www.mdpi.com/openaccess.
Federal Court Issues Preliminary Injunction Of CTA
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction regarding enforcement of the Corporate Transparency Act (CTA) and related beneficial ownership reporting rule.1 The Court found that the "CTA is likely unconstitutional as outside of Congress's power" and the beneficial ownership reporting rule implementing the CTA "is likely unconstitutional for the same reasons." As a result, both the CTA and the enforcement of the beneficial...
CFTC’S Year-End AI “Placeholder” Guidance
On December 5, 2024, the Staff of every market-facing division of the U.S. Commodity Futures Trading Commission (CFTC) issued a joint “Staff Advisory” on the use of artificial intelligence in CFTC-regulated markets and activities. This Staff Advisory is the first notable item of AI-related outreach or guidance since the CFTC Staff of several of these divisions issued a “Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets”1 on January 25, 2024.
Federal Court Issues Preliminary Injunction of CTA | JD Supra
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction regarding enforcement of the Corporate Transparency Act (CTA) and related beneficial ownership reporting rule.1 The Court found that the “CTA is likely unconstitutional as outside of Congress’s power” and the beneficial ownership reporting rule implementing the CTA “is likely unconstitutional for the same reasons.” As a result, both the CTA and the enforcement of the beneficial...
Federal Court Issues Preliminary Injunction of CTA
Jump to On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction regarding enforcement of the Corporate Transparency Act (CTA) and related beneficial ownership reporting rule.1 The Court found that the “CTA is likely unconstitutional as outside of Congress’s power” and the beneficial ownership reporting rule implementing the CTA “is likely unconstitutional for the same reasons.” As a result, both the CTA and the enforcement of the...
Open Forum: Seriously, you want a promotion?
BRIAN DALY Vice President Kamala Harris is seeking the presidency of the United States. Let’s review her time in her current position. Within the first week of the Biden administration, she and President Joe Biden overturned 94 existing immigration policies, therefore opening up the entire southern border. Indeed, in March 2021, only two months into their term, Biden appointed Harris as his “border czar” and hence the entire border disaster is chiefly on her.
Cybersecurity & Data Privacy Issues in Fund Finance | JD Supra
During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this due diligence is likely to include a review of fund organizational documents, subscription agreements and side letters, if any, from the fund’s investors.
Cybersecurity & Data Privacy Issues In Fund Finance
During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant "know-your-customer" information. In the context of a fund finance transaction, this due diligence is likely to include a review of fund organizational documents, subscription agreements and side letters, if any, from the fund's investors.
Cybersecurity & Data Privacy Issues in Fund Finance
During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this due diligence is likely to include a review of fund organizational documents, subscription agreements and side letters, if any, from the fund’s investors.
Cybersecurity & Data Privacy Issues in Fund Finance
During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this due diligence is likely to include a review of fund organizational documents, subscription agreements and side letters, if any, from the fund’s investors.
CFTC Finalizes Amendments To Rule 4.7
On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7, generally double the monetary thresholds for certain investors, including natural persons, to be "Qualified Eligible Persons" (QEPs) under Rule 4.7 and allow commodity pool operators (CPOs) of funds of funds additional time to provide periodic account statements.
CFTC Finalizes Amendments to Rule 4.7 | JD Supra
On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7, generally double the monetary thresholds for certain investors, including natural persons, to be “Qualified Eligible Persons” (QEPs) under Rule 4.7 and allow commodity pool operators (CPOs) of funds of funds additional time to provide periodic account statements.
CFTC Finalizes Amendments to Rule 4.7
On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7, generally double the monetary thresholds for certain investors, including natural persons, to be “Qualified Eligible Persons” (QEPs) under Rule 4.7 and allow commodity pool operators (CPOs) of funds of funds additional time to provide periodic account statements.
Fund Managers Must Assess Whether Microsoft/CrowdStrike Outage Has Triggered Additional Regulatory Filings | JD Supra
A global technology outage linked to the cybersecurity firm CrowdStrike crashed Microsoft apps and triggered major disruptions across the asset management sector, along with other global industries. Private fund managers affected by this outage should assess whether they have any regulatory notification obligations.
Fund Managers Must Assess Whether Microsoft/CrowdStrike Outage Has Triggered Additional Regulatory Filings
AG Akin Gump Strauss Hauer & Feld LLP More Akin is a law firm focused on providing extraordinary client service, a rewarding environment for our diverse workforce and exceptional legal representation irrespective of ability to pay. The deep transactional, litigation, regulatory and policy experience we bring to client engagements helps us craft innovative, effective solutions and strategies.
Fund Managers Must Assess Whether Microsoft/CrowdStrike Outage Has Triggered Additional Regulatory Filings
Jump to By: Brian T. Daly, Jason M. Daniel, William V. de Cordova A global technology outage linked to the cybersecurity firm CrowdStrike crashed Microsoft apps and triggered major disruptions across the asset management sector, along with other global industries. Private fund managers affected by this outage should assess whether they have any regulatory notification obligations.
Open Forum: Breathing a sigh of relief
Hopefully all Americans, Democratic or Republican, can breathe a sigh of relief that the assassination attempt on the life of former President Trump failed. Thanks to the immediate action of the Secret Service on the stage who quickly shielded President Trump's body and whisked him to safety. However, all that being said, several serious questions have arisen over obvious security shortcomings at this event.
High Stakes: HHS Shakes Things Up On Marijuana Scheduling And DEA Abides
On May 16th, the U.S. Drug Enforcement Administration (DEA) issued a Notice of Proposed Rulemaking (NPRM) to initiate the rescheduling of marijuana from a Schedule I to a Schedule III drug.1The NPRM, which was published in the Federal Register on May 21st, is the first step of a formal rulemaking process required by the Controlled Substances Act (CSA) for rescheduling a controlled substance. This process, as detailed below, will likely include a public hearing before any final rule is published.
New Privacy and Cybersecurity Obligations for Private Fund Sponsors and Managers | JD Supra
May 21, 2024 Sara Catherine Ainsworth, William de Cordova, Brian Daly, Jason Daniel, Natasha Kohne, Rachel Claire Kurzweil, Barbara Niederkofler, Michelle Reed Akin Gump Strauss Hauer & Feld LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Last week, the Securities and Exchange Commission imposed expanded privacy and cybersecurity obligations on fund managers and sponsors registered with the SEC as investment advisers.
New Privacy and Cybersecurity Obligations for Private Fund Sponsors and Managers
Last week, the Securities and Exchange Commission imposed expanded privacy and cybersecurity obligations on fund managers and sponsors registered with the SEC as investment advisers. While many registered investment advisers will conclude that their existing policies and procedures already address much of the new requirements, every adviser will need to assess what, if any, gaps exist between current practice and these new rulemakings.
SEC and FinCEN Propose Customer Identification Program Requirements for Certain Investment Advisers | JD Supra
Key Points On May 13, 2024, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint notice of proposed rulemaking, Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers (“Joint NPRM”), that would require SEC-registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) to establish, document and maintain written customer...
"Round 2" Of Marketing Rule Enforcement Actions
On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has now been in effect for nearly a year and a half. All five firms agreed to settle the SEC's charges, resulting in aggregate fines of $200,000. Hypothetical Performance. Each of the settled cases focused on a single hypothetical performance-related deficiency.
SEC Announces First Off-Channel Communications Enforcement Action Against A Standalone Private Fund Manager
On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called "off-channel" communications—that is, communications sent away from firm-captured devices and/or firm-approved communications platforms.
The SEC Wins 'Shadow Insider Trading' Trial
On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called "shadow trading." The jury reached its verdict following an eight-day trial and with less than three hours of deliberation.
The SEC Wins ‘Shadow Insider Trading’ Trial | JD Supra
On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called “shadow trading.” The jury reached its verdict following an eight-day trial and with less than three hours of deliberation.
SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager
On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel” communications—that is, communications sent away from firm-captured devices and/or firm-approved communications platforms.
Other Voices: The road ahead for private equity: private funds and dealmaking
By: Brian Daly, Jason Daniel, Simon Ellis, Terence Rozier-Byrd|Akin Gump Fundraising's Effect on Dealmaking Fundraising has been challenging over the past 12 months, primarily driven by the fact that distributions have slowed as a result of the lack of exit opportunities.
Coinbase Court Embraces ‘Ecosystem’ Approach to Identifying Crypto-Asset Securities
Key Points In a thorough decision, a federal district judge in New York largely denied Coinbase’s motion for judgment on the pleadings in a case brought by the SEC. Applying the plaintiff-friendly standards required at the pleading stage, the court accepted the SEC’s factual allegations as true and concluded that the SEC plausibly alleged that Coinbase violated the federal securities laws through its involvement in crypto-asset transactions involving investment contracts.
The Road Ahead for Private Equity: Private Funds & Dealmaking | JD Supra
Fundraising’s Effect on Dealmaking Fundraising has been challenging over the past 12 months, primarily driven by the fact that distributions have slowed as a result of the lack of exit opportunities. For institutional investors such as pension funds and endowments, their ability to make new allocations has been hindered as they await distributions, while sovereign wealth funds—particularly those in the Middle East benefiting from rising oil prices—have been increasingly active.
Open Forum: No DEI for NBC or MSNBC.
Wow, just when you think you've heard it all, NBC/MSNBC and the entire mainstream media goes crazy over a new hire. The corporate powers that run NBC over at 30 Rock in New York City in their great collective wisdom decided to hire a poor, recently unemployed Republican woman named Ronna McDaniel. Great idea considering this is an election year.
Federal District Court In Alabama Holds Corporate Transparency Act Unconstitutional And Enjoins Enforcement Against Plaintiffs - Corporate and Company Law - United States
A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act ("CTA") is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") to establish a nationwide database of beneficial ownership of certain corporations and other legal entities, as described here and here.
The Road Ahead for Private Equity: Reflections and Predictions
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The year 2023 will be remembered as a challenging year for private equity, with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to navigate, portfolio companies required additional attention, fundraising was not easy and regulators continued to scale up their scrutiny of the industry and its transactions.
By Sergio A. Urias, Amy Wollensack, Anna K. Abram, Shariff Barakat, Jesse Betts, Laura Black Verified, Craig B. Bleifer, Stephen Brown, Brian Daly, Jason Daniel, Simon Ellis, Ike Emehelu, Davina Garrod, Jessica W. Hammons, Alex Harrison, Gorav Jindal, Matthew Kapinos, Amy Kennedy, Shaun Lascelles, Lauren Helen Leyden, Wells Miller, Corinne C. Musa, Sebastian Rice, Simon Rootsey, Andrew Sagor, Terence Rozier-Byrd
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Lexology
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Supreme Court Declines To Review 2nd Circuit Decision That Syndicated Term Loans Are Not Securities
On February 20, 2024, the U.S. Supreme Court declined to hear an appeal brought by the trustee of the Millennium Lender Claim Trust challenging the U.S. Court of Appeals for the 2nd Circuit's August 2023 decision, in which the court held that the syndicated term loans at issue were not "securities" for the purposes of the securities laws.1 The Supreme Court's decision concludes a lengthy legal saga that began in 2017 when the trustee of the Millennium Lender Claim Trust brought an action in...
Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs | JD Supra
A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) to establish a nationwide database of beneficial ownership of certain corporations and other legal entities, as described here and here.
Open Forum: Biden does not want to solve border issue
Our president and vice president have repeatedly lied to Congress and the American people for their entire three years in office. The lie? Our southern border is closed and secure. Well finally our feeble president has awakened to the problem that he and Vice President Kamala Harris have personally caused. Perhaps President Joe Biden's failing hopes of reelection based on his current lowest approval rankings in modern presidential history has prodded him and Harris to move.
The SEC’s Plan to Regulate AI on Wall Street Is Already Outdated Original
We’re experiencing a societal transformation from artificial intelligence that will dwarf the advent of the printed word, automation, and the internet. But instead of allowing actual experience to dictate where and how financial market supervision will change, the Securities and Exchange Commission is poised to pre-emptively adopt a rule dictating how investment advisers and broker-dealers may use AI technologies.
FinCEN Proposes New Rule To Expand Anti-Money Laundering Requirements For Investment Advisers
On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN's fact sheet, RIAs and ERAs would be required to implement risk-based AML/CFT programs, file SARs with FinCEN, fulfill certain recordkeeping requirements and fulfill other obligations currently applicable to financial institutions subject to the BSA and FinCEN's implementing regulations.
SEC Fines 16 Firms More Than $81 Million For Off-Channel Communications
Last week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and preserve electronic "off-channel" communications. This announcement reflects the latest in a wave of enforcement actions against financial firms throughout the industry for their employees' use of "off-channel" communications to conduct business. Gurbir S.
FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers | JD Supra
[co-author: John Babcock] Key Points On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA.
FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers
Key Points On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet, RIAs and ERAs would be required to implement risk-based AML/CFT programs, file SARs with FinCEN, fulfill certain recordkeeping requirements and fulfill other obligations currently applicable to financial institutions subject to the BSA and FinCEN’s implementing regulations.
SEC Fines 16 Firms More Than $81 Million for Off-Channel Communications
Key Points Last week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and preserve electronic “off-channel” communications. This announcement reflects the latest in a wave of enforcement actions against financial firms throughout the industry for their employees’ use of “off-channel” communications to conduct business. Gurbir S.
Update (2): The NY LLC Transparency Act And Corporate Transparency Act's Impact On Private Fund Managers
In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these FAQs to be particularly relevant to them (both relating to parent-subsidiary relationships). In addition, on December 22, 2023, the LLC Transparency Act (LLCTA) was signed into law in New York by Governor Hochul.
SEC Adopts Narrower Version of Dealer Registration Rules | JD Supra
Earlier today, the Securities and Exchange Commission in a 3‑2 vote adopted new Rules 3a5‑4 and 3a44‑2 (together, the Dealer Rules) under the Securities Exchange Act of 1934, as amended (the Exchange Act), that will define who is deemed to be buying and selling securities as a regular part of its business and thus considered a “dealer” or “government securities dealer.”1 Section 3(a)(5) of the Exchange Act generally defines a “dealer”2 as “any person engaged in the business of buying and...
Update (2): The NY LLC Transparency Act and Corporate Transparency Act’s Impact on Private Fund Managers | JD Supra
In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these FAQs to be particularly relevant to them (both relating to parent-subsidiary relationships). In addition, on December 22, 2023, the LLC Transparency Act (LLCTA) was signed into law in New York by Governor Hochul.
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