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Covered businesses will need to update policies and procedures for responding to customer inquiries about collection, use, sale and disclosure of customers’ personal information or face stiff enforcement actions.

Takeaways

  • The California Consumer Privacy Act of 2018 provides consumers with broad rights to control use of their personal information by covered businesses.
  • Covered businesses will need to review and revise their existing privacy policies to make the required disclosures and to provide two methods for customers to inquire about use of their personal information.

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Read this article and additional Pillsbury publications at Pillsbury Insights.

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howey-coins-300x171The rapid growth of cryptocurrency markets, digital asset products and initial coin offerings (ICOs), and the alarmingly high number of fraudulent ICO attempts among them, has prompted the SEC to engage the public in some creative investor education.

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Pillsbury Investment Funds practice co-leader Ildiko Duckor recently spoke with The Hedge Fund Law Report about the strategies and risks inherent in investing in and managing quant funds, which utilize highly sophisticated computer-based models to automate trading activities and are increasingly popular in the “hyper-connected” trading and investment sector.

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The future of the Department of Labor’s Fiduciary rule is in limbo following the Fifth Circuit’s decision striking it down “in toto.”

Takeaways

  • The future of the Fiduciary rule is uncertain, particularly in light of the Fifth Circuit’s decision vacating the rule.
  • Retirement plan fiduciaries should continue to stay apprised of the viability of the Fiduciary rule with an eye towards the services provided by their plans’ investment advisors.
  • Industry experts are hopeful that the DOL and SEC will coordinate their efforts to provide clear guidance to investment advisers and broker-dealers, plan fiduciaries and plan participants.

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Read this article and additional Pillsbury publications at Pillsbury Insights.

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This alert contains a summary of the primary annual and periodic compliance-related obligations that may apply to investment advisers registered with the Securities and Exchange Commission (the “SEC”) or with a particular state (“Investment Advisers”), and commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the Commodity Futures Trading Commission (the “CFTC”) (collectively with Investment Advisers, “Managers”).[1]  Due to the length of this Alert, we have linked the topics to the Table of Contents and other subtitles for easy click-access.

This summary consists of the following segments: (i) List of Annual Compliance Deadlines; (ii) New Developments; (iii) 2018 National Exam Program Examination Priorities; (iv) Continuing Compliance Areas; and (v) Securities and Other Forms Filings.

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Read this article and additional Pillsbury publications at Pillsbury Insights.

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We are pleased to announce that Pillsbury has been shortlisted in the category of “Best Onshore Law Firm – Client Service” by HFM Week’s US Hedge Fund Performance Awards 2017. In 2016, we were awarded “Best Onshore Law Firm for Hedge Fund Startups”.

The US Hedge Fund Performance Awards was established to recognize providers of services to the hedge fund sector that have demonstrated exceptional innovation, customer service and performance over the last year. The awards are determined by a panel of independent industry experts who consider a combination of quantitative and qualitative measures.

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The Office of Compliance Inspections and Examinations (OCIE) of the SEC issued a Risk Alert yesterday providing a list of the most frequently identified compliance issues relating to the Advertising Rule (Rule 206(4)-1) under the Investment Advisers Act of 1940.  These compliance issues were identified as part of the OCIE examination of investment advisers:  misleading performance results, misleading one-on-one presentations, misleading claim of compliance with voluntary performance standards, “cherry-picked” profitable stock selections, misleading selection of recommendations and insufficient/inaccurate compliance policies and procedures.

Compliance with the Advertising Rule has long been, and remains, a favorite focus of the SEC.  In an age of fundraising challenges, investment advisers must balance the pressing need of appealing to prospective clients with adherence to precise regulatory standards.  Each marketing piece should go through rigorous internal review and sign-off procedures and, as necessary, outside counsel evaluation.  Investment advisers are urged to pay special attention to any form of performance or track record marketing.

Click here for the full Risk Alert. Contact your Pillsbury attorney for additional assistance.

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T+2 Settlement becomes mandatory for most broker-dealer transactions on September 5.   While Rule 15c6-1(d) allows, in connection with firm commitment underwritings, the issuer and underwriters to agree to different settlement cycles, as noted in the SIFMA guidance, SIFMA expects equity offerings, including IPOs, to transition to T+2 settlement cycles.   SIFMA expects debt offerings to continue with current market practice (i.e., either conform to T+2 or to continue with extended settlement cycles as with many high yield issuances).  It may well be that offerings of convertible debt and other equity-linked securities retain, at least in the near term, adherence to the current T+3/T+4 cycle given the documentation process involved with shorter settlement cycles (i.e., typically, drafting of indentures does not start until the deal is launched or priced).

It is recommended that, at the beginning of any underwritten offering process, the parties should agree upon the settlement cycle to be used as that will, of course, affect documentation and process timing.  SIFMA provides some guidance in that regard.

For general T+2 questions, the securities industry has set up a T+2 implementation website.

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Pillsbury is hosting an event with the Association of Women in Alternative Investing (AWAI) on Wednesday, August 9, 2017.  Kathleen Dunlap, CEO of Girls Who Invest (www.girlswhoinvest.org) will be speaking about the GWI program and how it inspires and supports young women become tomorrow’s investment leaders. The program will also include some of the young women who are interning in San Francisco after participating in GWI.  Ildiko Duckor, co-head of  Pillsbury’s investment funds practice, will moderate the program.

Introduction by: Carol Jupiter, Member of the Steering Committee of AWAI

Moderated by: Ildiko Duckor,  Partner, Pillsbury Winthrop Shaw Pittman LLP

Speaker: Kathleen Dunlap, CEO, Girls Who Invest

The event will be held at Pillsbury located in 4 Embarcadero Center, Suite 2200, San Francisco, CA 94111.

To register please click HERE.