On October 26, 2004, the Securities and Exchange Commission (the “Commission” or the “SEC”) adopted a new rule and related amendments requiring, among other things, that hedge fund managers register with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers...

Nearly eight years ago, a study “Global Institutions, National Supervision and Systemic Risk” was released by the Group of Thirty (G‐30), a private, nonprofit international body that seeks to deepen understanding of international economic and financial issues. The report observed that in a...

Directors and officers are facing a continuing crisis in D&O liability insurance, and many may lack the coverage they thought they had to protect their personal assets. The factors threatening the availability of adequate D&O coverage are growing in number and severity. They include the soaring...

Recent U.S. government estimates suggest that $500 billion to $1 trillion is laundered annually worldwide by drug dealers, arms traffickers, and other criminals. Banks, as gatekeepers for the legitimate financial system, play a crucial role in the prevention, detection, and reporting of money...

Purpose – Discusses the most significant criminal prosecutions and regulatory actions in response to recent anti‐money laundering compliance lapses and the resulting concern in the financial community. Design/methodology/approach – Reviews earlier criminal enforcement actions; the recent...

Purpose – Seeks to introduce several of the important issues that must be resolved in connection with the structuring and formation of a customized hedge fund program Design/methodology/approach – Explains why some institutional investors have sought alternative investment structures that...

Purpose – To emphasize the need for financial services companies such mutual funds and brokerage houses to establish internal controls and related procedures for identifying potential conflicts of interest. Design/methodology/approach – Reviews government investigations into scandals...

Purpose – To describe State of California Attorney General Bill Lockyer's approach to securities enforcement and to explore the national implications of a state attorney general assuming such authority. Design/methodology/approach – Describes Attorney General Lockyer's recent investigations...

Purpose – To describe the need and suggest guidelines for a formal, written manual that provides a firm, its registered representatives, and its supervisory principals a line of defense against costly repercussions from sales practice violations. Design/methodology/approach – Discusses...

Purpose – To describe the role and requirements for the chief compliance officer (CCO), appointed by hedge fund managers within an investment advisory firm. Design/methodology/approach – Summarizes Rule 203(b)(3)‐2 under the 1940 Investment Advisers Act, provides a recent case study in...