Kreischer Miller recently held its annual investment industry update, which covered a host of topics including the latest updates on GIPS, the SEC Marketing Rule, fair value guidance, taxes, and compliance, as well as a discussion on valuation drivers in an investment firm.
During the event, Thomas Peters, Director of…more
On February 15, 2023, the SEC announced the release of a proposed rule, the Safeguarding Rule, which would constitute a redesignation and enhancement of the current Custody Rule as we know it.
We are in the process of evaluating and summarizing the 434 page proposal, but if you’d like…more
We recently held our annual investment industry update which covered a host of topics including the latest updates on GIPS, the SEC Marketing Rule, fair value guidance, taxes, and compliance. The event also included a discussion on valuation drivers in an investment firm. Jennifer Kreischer, M&A Advisory Consultant…more
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2022-03, which amends Topic 820 (Fair Value Measurement) and helps clarify how entities should value and disclose investments in equity securities measured at fair value that are subject to a contractual sale restriction. This update did not…more
Rule 206(4)-2 of the Investment Advisers Act of 1940, known as the Custody Rule, can be extremely complex to apply. The Custody Rule was first adopted in 1962, and the current version follows amendments made by the SEC in 2009 as a response to Bernie Madoff’s Ponzi…more
On Feb. 9, 2022 the U.S. Securities and Exchange Commission (SEC) proposed new rules and amendments to the Investment Advisors Act of 1940 directed at private fund advisors. The proposals would provide a statutory mandate for audits of private funds, enhance transparency to investors about the costs of investing…more
On February 9, 2022, the SEC proposed new rules and amendments that will have an impact on investment advisors, funds, and what is received by certain investors.
SEC Proposes New Rules on Private Funds to Protect Investors
There are 5,037 registered private fund advisors in a $18-trillion marketplace…more
On June 23, 2020, the SEC’s Division of Examinations (“EXAMS”), which mainly focuses on private funds, published a Risk Alert entitled the “2020 Private Fund Advisor Risk Alert.” The alert details observations made by EXAMS staff of registered investment advisors that manage private funds.
The goal of the SEC…more
In what appears to be a response to continued evolvement and growth of the private fund industry, on January 26, 2022 the SEC proposed amendments to Form PF which would require reporting of certain events as well as lower the threshold for large private equity advisers.
Form PF was originally…more
Background – The Family Office Rule
Family offices are generally excluded from the definition of an investment adviser under the Investment Advisers Act of 1940. This was a result of the Dodd-Frank Act which gave the SEC the authority to exempt family offices. Since June 2011, a family office is…more