Stephen Culhane

Oct 9, 2023 | mondaq.com | Stephen Culhane |Jonathan Green |Daniel M. Hawke |Peter Danias

On the last business day of its 2023 fiscal year, the U.S. Securities and Exchange Commission (SEC or Commission) announced settlements with 10 regulated entities — five broker-dealers (B-Ds), three dual-registered broker-dealers and registered investment advisors (RIAs), and two affiliated RIAs — for widespread and long-lasting failures to maintain and preserve their employees' off-channel communications.

Sep 18, 2023 | mondaq.com | Ellen K. Fleishhacker |Stephen Culhane |Daniel M. Hawke |Jane Norberg

Earlier this week, the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC) announced settled charges against nine registered investment advisers (RIA) for advertising hypothetical fund performance to the general public without properly adopting or implementing policies and procedures "reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience of the advertisement," as...

Aug 29, 2023 | mondaq.com | Ellen K. Fleishhacker |Stephen Culhane |Robert E. Holton |Marina Richter

Earlier this week (August 23, 2023), the Securities and Exchange Commission (SEC) adopted rules that will dramatically expand the compliance and operational obligations of private fund advisers when they come into effect on the dates mentioned below.

Jul 13, 2023 | mondaq.com | Stephen Culhane |Ellen K. Fleishhacker |Daniel M. Hawke |Jane Norberg

On June 20, 2023, the U.S. Securities and Exchange Commission (SEC) issued an Order Instituting Proceedings (Order) reflecting a US$2.35 million settlement with Insight Venture Management LLC (Insight), an SEC-registered investment adviser with approximately US$79 billion in regulatory assets under management.1 Like many private fund advisers, Insight has a fee structure that charges management fees on assets held by its fund clients.

May 30, 2023 | mondaq.com | Ellen K. Fleishhacker |Stephen Culhane |Veronica E. Callahan |Meir Lax

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) approved amendments to Form PF (the Form PF Reporting Amendments), the confidential reporting form required to be filed by certain investment advisers to private funds that are registered or are required to be registered with the SEC. The amendments dramatically modify and expand the reporting requirements for private equity fund advisers and large hedge fund advisers.