JAMIE L. NASH

Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations  The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…

On October 31, 2018, the staff in the Office of Compliance Inspections and Examinations (the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) issued a risk alert (the “Risk Alert”)[1] describing some of the most common deficiencies the Staff has cited relating to Rule 206(4)-3 (the “Cash Solicitation Rule”) under the Investment Advisers…

On July 20, 2018, the National Futures Association (“NFA”) issued an interpretive notice (the “Interpretive Notice”) detailing new disclosure requirements for registered commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) to address certain risks stemming from the recent growth of the virtual currency and virtual currency derivatives markets.[1] On August 9, 2018, the NFA issued…

On July 20, 2018, the National Futures Association (“NFA”) issued new disclosure requirements for registered commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) to address certain risks stemming from the recent growth of the virtual currency and virtual currency derivatives markets. The new requirements will require, among other things, CPOs and CTAs trading in…

On July 11, 2018, the staff in the Office of Compliance Inspections and Examinations (the “Staff“) of the U.S. Securities and Exchange Commission (the “SEC“) issued a risk alert (the “Risk Alert”)[1] describing many of the most common best execution-related deficiencies cited by the Staff in recent examinations of investment advisers. In addition, on July…

On June 5, 2018, the Board of the National Futures Association (NFA) approved the development of a proficiency requirements program for “associated persons” (APs) of registered commodity pool operators (CPOs) and commodity trading advisors (CTAs) engaged in swaps activities. The proficiency program will be in the form of an online learning program with an embedded…

On June 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced settlements with 13 registered investment advisers whom the SEC alleged had repeatedly failed to file required annual reports on Form PF over multi-year periods. [1]  SEC-registered advisers to private funds with $150 million or more in regulatory assets under management are required to…

On February 7th, the Office of Compliance Inspections and Examinations (“OCIE“) of the Securities and Exchange Commission (the “SEC“) announced its 2018 examination priorities for registered investment advisers.[1] OCIE grouped the priorities into five general thematic areas: (1) protecting retail investors, concentrating on senior investors and retirement investments; (2) compliance and risks in critical market…

Background On September 14, 2017, the staff of the Office of Compliance Inspections and Examinations (“OCIE“) of the Securities and Exchange Commission (the “SEC“) issued a risk alert (the “Risk Alert“)[1] regarding the most frequently identified compliance issues related to SEC-registered investment adviser (“RIA“) compliance with Rule 206(4)-1 (the “Advertising Rule“) under the Investment Advisers…

Overview The U.S. Commodity Futures Trading Commission (CFTC) recently adopted amendments to CFTC Regulation 1.31 (Final Rule), which governs the recordkeeping obligations for any person required by the Commodity Exchange Act (CEA) or CFTC regulations to maintain such records, including registered commodity pool operators and commodity trading advisors. While the Final Rule amendments do not…

On January 12th, the Office of Compliance Inspections and Examinations (“OCIE“) of the Securities and Exchange Commission (the “SEC“) announced its 2017 examination priorities for registered investment advisers.[1] OCIE grouped the priorities into three general thematic areas: protecting retail investors, focusing on senior investors and retirement investments, and assessing market-wide risks. OCIE notes that the…

On October 24, 2016, the staff in the Office of Compliance Inspections and Examinations (the “Staff“) of the U.S. Securities and Exchange Commission (the “SEC“) issued a risk alert announcing that it is examining registered investment advisers (“RIAs“) and registered broker-dealers for compliance with Rule 21F-17 under the Securities Exchange Act of 1934, as amended…

On August 25, 2016, the Securities and Exchange Commission (the “SEC“) adopted amendments to Form ADV and to certain rules promulgated under the Investment Advisers Act of 1940, as amended (the “Advisers Act“).[1] The effective date of these amendments is October 31, 2016, but the compliance date is not until October 1, 2017, and many…

On June 28, 2016, the Securities and Exchange Commission (the “SEC“) proposed a new rule (the “Proposed Rule“) that would require SEC-registered investment advisers (“RIAs”) to adopt and implement written business continuity and transition plans (“Continuity Plans“) reasonably designed to address operational and other risks related to a significant disruption in the RIA’s operations.[1] Additionally,…

In light of recent volatility in the markets and generally lackluster performance in the hedge fund industry, many investors have seen their hedge fund investments lose value. Consequently, raising new capital and retaining existing capital has become increasingly difficult for hedge fund sponsors. Not surprisingly, one of the most commonly asked questions of late by…

On June 14, 2016, the SEC issued an order increasing the net worth prong of the “qualified client” test from $2.0 million to $2.1 million, reflecting an adjustment for inflation.[1] This change will become effective on August 15, 2016. Section 205(a)(1) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and Rule…

On January 11, 2016, the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (the “SEC”) announced its 2016 examination priorities for registered entities.[1] OCIE grouped the priorities into the same three general thematic areas as in 2015: protecting retail investors, assessing market-wide risks and using data analytics to identify potential…

The Commodity Futures Trading Commission recently approved the National Futures Association’s (“NFA“) Interpretive Notice requiring NFA member firms to adopt and enforce written policies and procedures to secure customer data and access to their electronic systems (the “Guidance“).[1] The Guidance will become effective on March 1, 2016, and applies to all NFA membership categories, including…

Introduction As another calendar year comes to a close, SEC-registered investment advisers once again will collect personal securities reports and certifications of compliance with their Codes of Ethics from their “access persons”[1]. Many advisers allow their access persons to take advantage of a reporting exception for accounts over which the access persons have no direct…