Recent Articles

Hot Topics for SEC Exams

Doug Cornelius
March 22, 2012 12:00

As part of the SEC’s new National Exam Program Overview, OCIE highlights six areas of focus for Investment Advisers: “[T]he Program has identified specific strategic areas on which to focus when examining firms…. In FY2012, focus areas include the following priorities, among...

SEC’s National Exam Program Overview

Doug Cornelius
March 21, 2012 12:00

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) mission is to protect investors through its nationwide examination and inspection program. Examiners in Washington DC and in the SEC’s 11 regional offices conduct examinations of the nation’s...

Are you a Supervisor?

Doug Cornelius
March 20, 2012 11:45

As a compliance officer, how far do you need to go in dealing with a problem employee? The Urban case was trying to address this question, but got twisted up in procedural machinations. In dropping the case, the two SEC commissioners didn’t explain when a compliance officer or in-house counsel at a...

How Do State Regulators Really Feel About the JOBS Act?

Doug Cornelius
March 19, 2012 11:28

The House of Representatives recently voted to pass The Jumpstart Our Business Startups (JOBS) Act (H.R. 3606), a collection of several bills focused on barriers to capital formation. I’m focused on the bill because of mostly because of the Access to Capital for Job Creators section that...

Compliance Bits and Pieces for March 16

Doug Cornelius
March 16, 2012 14:17

These are some compliance-related stories that caught my attention. Availability of Staff Analysis of Market Data Related to Credit Default Swap Transactions from the Securities and Exchange Commission The staff of the Securities and Exchange Commission today has made available publicly an analysis...

World’s Most Ethical Companies – 2012 Edition

Doug Cornelius
March 15, 2012 12:46

The Ethisphere Institute announced its sixth annual selection of the World’s Most Ethical Companies. One hundred forty-five organizations made the list in 2012 from more than three dozen industries, including 43 headquartered outside the United States. Twenty-three companies that have been honored...

Real Estate Funds and Form PF

Doug Cornelius
March 12, 2012 13:00

In addition to filing Form ADV with the SEC when they register with the Securities and Exchange Commission, private fund managers will also need to start filing Form PF. I received a helpful reminder about this last week form SEC’s IARD system. (I’ll need to get used to messages with...

Compliance Bits and Pieces for March 9

Doug Cornelius
March 09, 2012 13:00

These are some compliance-related stories that recently caught my attention: SEC commissioner, deputy director in public flap over private funds by Mark Schoeff Jr. in Investment News Just as a new regulation requiring private-investment funds to register with Securities and Exchange Commission is...

Scalping as a Fraud

Doug Cornelius
March 08, 2012 13:00

Today, it’s fairly well establish that an investment adviser should not be buying positions on their own behalf shortly before recommending that position to its clients. Fifty years ago, there was some question as whether the Securities and Exchange Commission could take steps to prevent this...

Battling Back Against Spammers

Doug Cornelius
March 07, 2012 13:30

The SEC posted a warning on Bogus E-Mail Purporting to be from SEC Office of the Whistleblower. The SEC’s Office of the Whistleblower is real; the e-mail is a hoax. Earlier this week I received an angry email complaining about spam sent by me. That left me a bit confused because I don’t send...