Written by Michael Wu By order released by the SEC on November 10, 2011, Western Pacific Capital Management LLC, a San Diego-based investment adviser, and its President, Kevin James O’Rourke, were charged with fraud for failing to disclose a conflict of interest to clients and materially misrepresenting the liquidity of…
Date & Time11/10/2011 12:30 pm – 7:00 pm PT 12:30 pm – 5:30 pm PTWorkshop5:30 pm – 6:30 pm PT Panel and Q&A6:30 pm PTCocktails LocationPillsbury’s SF office50 Fremont StreetSan Francisco, CA 94105 Join us for an interactive, instructional workshop to learn step-by-step how to create unique and individualized marketing…
Written by Jay Gould The Pillsbury Investment Funds Team has over the past month reviewed several new Due Diligence Questionnaire (“DDQ”) forms on behalf of fund manager clients from institutional investors and family offices that contain a new inquiry that is potentially problematic for certain fund managers. Generally, this new…
Written by Jay Gould On October 26, 2011, the SEC adopted a new rule requiring SEC-registered advisers to hedge funds and other private funds with at least $150 million in private fund assets under management to report information to the Financial Stability Oversight Council (“FSOC”) to enable it to monitor…
Written by Michael Ouimette On October 11, 2011, the Federal Financial Regulators published for public comment a jointly proposed regulation implementing the so-called “Volcker Rule” requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Volcker Rule generally contains two prohibitions, both of which are subject to certain…
Written by Michael Wu On September 29, 2011, the SEC’s examination staff issued a Risk Alert warning of significant concerns regarding trading through sub-accounts, and offered suggestions to help securities industry firms address these risks. In the alert, the staff identified certain risks associated with the master/sub-account trading model such…
Written by Michael Wu The SEC is recommending filing fees related to the new report filing on Form ADV for exempt reporting advisers and Form PF filing for private fund advisers. The filing fee for exempt reporting advisers is expected to be $150 for each initial and annual report on…
Written by Michael Wu The SEC has adopted a new rule pursuant to Section 13(h) of the Securities Exchange Act of 1934 requiring large traders to register with the SEC and imposing reporting requirements on their broker-dealers. In her speech on July 26, 2011, SEC Chairman Mary L. Shapiro said,…
Written by Jay Gould Pillsbury’s Investment Funds & Investment Management team has submitted a comment letter to the California Department of Corporations (the “DOC”) on behalf of the California Hedge Fund Association in connection with the DOC’s recently proposed amendments to the California custody rule. In its letter to the Commissioner, Pillsbury requested that the…
Written by Jay Gould, Ildiko Duckor and Michael Wu Effective on September 19, 2011, investors that pay performance fees to an adviser must either have at least $1 million managed by the adviser or a net worth of at least $2 million. As mandated by the Dodd-Frank Act, the SEC today issued…