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Articles by Thomas Cain
3 Key Takeaways - Three Key Areas for Investors in Private Equity Funds | JD Supra
October 17, 2023 To embed, copy and paste the code into your website or blog: Kilpatrick Townsend’s Kate McCurry and Thomas Cain recently attended the Institutional Limited Partners Association’s Legal Conference. The conference provided an opportunity to discuss trending legal topics in the private equity industry from the investor’s perspective.
3 Key Takeaways | Three Key Areas for Investors in Private Equity Funds
Kilpatrick Townsend’s Kate McCurry and Thomas Cain recently attended the Institutional Limited Partners Association’s Legal Conference. The conference provided an opportunity to discuss trending legal topics in the private equity industry from the investor’s perspective.
SEC Proposes Enhancements to Regulation S-P | JD Supra
Last week, the Securities and Exchange Commission (the “SEC”) proposed amendments to Regulation S-P (the “Proposal”) that would require registered investment advisers (“RIAs”), broker-dealers (“BDs”), investment companies (“Funds”) and transfer agents to provide notice to individuals affected by certain types of data breaches that may put them at risk of harm.[i] The proposal was released alongside other cybersecurity-related proposals, including an expansion and update to Regulation Systems...
SEC Proposes Enhancements to Regulation S-P
Last week, the Securities and Exchange Commission (the “SEC”) proposed amendments to Regulation S-P (the “Proposal”) that would require registered investment advisers (“RIAs”), broker-dealers (“BDs”), investment companies (“Funds”) and transfer agents to provide notice to individuals affected by certain types of data breaches that may put them at risk of harm.[i] The proposal was released alongside other cybersecurity-related proposals, including an expansion and update to Regulation Systems...
SEC’s Division of Examinations Releases 2023 Examination Priorities | JD Supra
Each year, the SEC’s Division of Examinations (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance programs.
SEC’s Division of Examinations Releases 2023 Examination Priorities
Each year, the SEC’s Division of Examinations (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance programs.
DOL's Interpretation of Fiduciary Rollover Advice Narrowed by District Court | JD Supra
This week, a federal district court in the Middle District of Florida invalidated the Department of Labor’s ("DOL") policy as to when advice provided by a financial institution or financial professional on a rollover from an ERISA Plan (e.g., most 401(k) plans, 403(b) plans and profit sharing plans) to an IRA may be considered fiduciary investment advice under ERISA and the Tax Code.
Proposed Rule Takes Aim at Non-Compete Clauses | JD Supra
On January 5, 2023, the Federal Trade Commission (“FTC”) issued a proposed rule that would prohibit almost all non-compete agreements between employers and workers (e.g., employees and independent contractors). The FTC’s proposed rule is broad in a number of respects and would apply to almost any form of non-compete, with the exception of an express carve-out for non-competes associated with the sale of a business.
Mind your P’s and P’s – SEC Settles Enforcement Action Related to ESG Policies and Procedures | JD Supra
The Securities and Exchange Commission (the “SEC”) has again set its sights on registrants’ environmental, social, and governance (“ESG”)-related investing.
Proposed Rule Takes Aim at Non-Compete Clauses
On January 5, 2023, the Federal Trade Commission (“FTC”) issued a proposed rule that would prohibit almost all non-compete agreements between employers and workers (e.g., employees and independent contractors). The FTC’s proposed rule is broad in a number of respects and would apply to almost any form of non-compete, with the exception of an express carve-out for non-competes associated with the sale of a business.
Mind your P’s and P’s - SEC Settles Enforcement Action Related to ESG Policies and Procedures
The Securities and Exchange Commission (the “SEC”) has again set its sights on registrants’ environmental, social, and governance (“ESG”)-related investing.
SEC Proposes Rule for Investment Advisers Engagement of Service Providers | JD Supra
Last week, the Securities and Exchange Commission (the “SEC”) released a proposed rule (the “Proposed Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that, if adopted as proposed, would require SEC registered investment advisers (“RIAs”) meet certain minimum requirements before outsourcing certain services or functions related to their business.[1] In the accompanying press release, the SEC stated that the use of third-party service providers has increased, and the...
The Reports, They Are A-Changin’ – SEC Adopts Final Rules to Revamp Shareholder Reports | JD Supra
On October 26, 2022, the Securities and Exchange Commission (the “SEC”) adopted final rule and form amendments (the “Rules”) updating the annual and semi-annual shareholder reports (collectively, “Reports”) that mutual funds, exchange-traded funds, and other open-end management investment companies (collectively, “Funds”) deliver to clients.[i] In an effort to make Reports more digestible for retail investors, the Rules aim to make Reports more concise and visually engaging than those...
Marketing Rule Compliance Date Nears: RIAs Should Update Referral Agreements
November 4, 2022, the compliance date for the Securities and Exchange Commission’s (the “SEC”) new marketing rule (Rule 206(4)-1 under the Advisers Act) (the “Marketing Rule”), is quickly approaching. Have you reviewed your firm’s agreements related to payments for investment advisory client referrals (commonly referred to as “solicitor agreements”) and considered any updates needed as a result of the Marketing Rule?
What’s in a Name? SEC Proposes Amendment to Names Rule for Investment Companies | JD Supra
On May 25, 2022, the Securities and Exchange Commission (the “SEC”) announced proposed amendments (the “Proposal”) to Rule 35d-1 under the Investment Company Act of 1940 (the “Names Rule”), aimed at modernizing the Names Rule for today’s markets and preventing misleading or deceptive names of registered investment companies and business development companies (collectively, “Funds”).[1] Initially adopted by the SEC in 2001, the Names Rule establishes requirements intended to ensure that a...
SEC Sanctions Registered Broker-Dealer in First-Ever Section 11 Enforcement Proceeding | JD Supra
In a recent administrative order (the “Order”), the Securities and Exchange Commission (the “SEC”) charged a registered broker-dealer (the “Broker-Dealer”) with improper switching or replacing of variable annuities in violation of Section 11 of the Investment Company Act of 1940.[i] The Order stands as the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940 (“the Investment Company Act”).[ii] According to the Deputy Director of the SEC’s Division of...
SEC Settles First Major Enforcement Action Related to ESG Investment Disclosures | JD Supra
The Securities and Exchange Commission (the “SEC”) has regularly emphasized its focus on environmental, social, and governance (“ESG”)-related investing and the importance of registrants having accurate disclosures on ESG matters, so it is not surprising that the SEC recently issued its first order sanctioning a registrant for misleading ESG-related disclosures and failing to enforce disclosed ESG-policies.[i] In the recent administrative order (the “Order”), the SEC charged a registered...
SEC Boosts its Bandwidth, Nearly Doubles the Size of the Division of Enforcement’s Crypto Assets and Cyber Unit | JD Supra
On May 3, 2022 the Securities and Exchange Commission (the “SEC”) announced the addition of 20 new positions to the Division of Enforcement’s newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit), expanding the Crypto Assets and Cyber Unit to 50 positions (the “Announcement”).[i] With its expanded numbers, the Crypto Assets and Cyber Unit will continue to identify cybersecurity disclosure and control issues and will focus on investigating: · Crypto asset offerings; ·...
SEC's Division of Examinations Releases 2022 Examination Priorities | JD Supra
Each year, the SEC’s Division of Examinations (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance programs.
Man the Cyber Forts! – SEC Proposes New Cybersecurity Regulations for RIAs and Funds | JD Supra
With cybersecurity incidents increasing in frequency and notoriety, the Securities and Exchange Commission (the “SEC”) has set its sights on fortifying cybersecurity regulations across the entire financial industry, including SEC-registered investment advisers (“RIAs”) and registered investment companies and business development companies (collectively, “Funds”).[1] On February 9, 2022, the SEC proposed new rules and amendments (the “Proposal”) that, if adopted as proposed, would create...
SEC Proposes Significant Regulatory Overhaul for Private Fund Advisers | JD Supra
On February 9, 2022, the Securities and Exchange Commission (the “SEC”) released proposed rules (the “Proposed Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that, if adopted as proposed, would significantly expand the regulatory landscape applicable to private fund advisers—including advisers that are not registered with the SEC.[1] In the accompanying press release, the SEC positioned the Proposed Rules as enhancing the regulation of private fund advisers “to protect...
New FINRA Filing Requirements for Private Placement Recommendations; More Private Offering Regulatory Restrictions Likely | JD Supra
FINRA Rules On July 15, 2021, FINRA announced[1] that it has updated its rules regarding the offering of private placement securities to expand the existing requirement that each broker-dealer that issues and/or sells a private placement submit a copy of the offering documents (and any subsequent, materially amended versions thereof) before the document’s first use or the securities’ first sale[2] or notify FINRA that no such offering documents were used.[3] The amended rules, effective...
SEC Sanctions Firm for Policies that (Theoretically Could Have) Curtailed Whistleblowers | JD Supra
On June 23, 2021, the U.S. Securities and Exchange Commission (the “Commission”) entered an administrative order1 (the “Order”) that, among other things, fined a broker-dealer (“BD”) $208,912 for alleged violations of Rule 21F-17(a), which relates to individuals reporting possible securities laws violations to the Commission (a.k.a., whistleblowers).
SEC Expands Focus on ESG-Related Products | JD Supra
On April 9, 2021, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) released a risk alert (the “Alert”) highlighting observations from exams of registered investment advisers (“RIAs”), registered investment companies, and private funds recommending or offering environmental, social, and governance (“ESG”) -related investment products and services.[i] The Alert, which was closely followed by a public statement regarding the Alert from SEC Commissioner Hester Peirce (the...
SEC Division of Examinations Releases 2021 Examination Priorities | JD Supra
Each year, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance programs.
Wyebrook Farm for sale for $7.9 million; red tape doomed restaurant, owner says
At first, Dean Carlson was hopeful he could reopen his popular restaurant on his farm in western Chester County. He and the Pennsylvania Department of Environmental Protection just needed to straighten out a few things. But as the reality of complying with sewer regulations settled in and the projected costs added up, he decided last year to close Wyebrook Farm’s restaurant.
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