Yesterday, the UK electorate voted by a small majority to leave the European Union ("EU"). This result defied the predictions of most pollsters and the financial markets, which had anticipated a "stay" vote. When the markets have calmed down, and the political dust has settled, firms should start thinking about the vote's long-term implications for their businesses. In the next couple of months, we will engage with clients to help with that process from a regulatory perspective.
On June 1, 2016, the SEC announced a settlement with a Maryland-based private equity adviser for, among other things, acting as an unregistered broker-dealer. According to the SEC, the adviser and its principal provided brokerage services and received transaction-based compensation in connection with the acquisition and disposition of portfolio companies on behalf of private equity funds managed by the adviser.
ACA’s European and Technology divisions have further developed their award-winning Regulatory Reporting Platform (RR) to provide a holistic and complete end-to-end Annex IV reporting solution for non-European Union (E.U.) Alternative Investment Fund Managers (AIFMs) undertaking activities in the E.U.
Last Friday, Marc Wyatt, Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, stated that the SEC staff has begun to examine Exempt Reporting Advisers as a part of the agency’s routine examination program. Mr. Wyatt made these remarks while speaking to the American Bar Association’s Hedge Fund Sub-Committee during the association’s Business Law Section Fall Meeting in Washington, D.C.