Best of the Web – September 2013

During our daily review of all matters regulatory,
we sometimes come across publicly-available pieces from our clients, partners,
competitors, and friends that we think are extremely helpful and well
done.  Usually, these articles provide
in-depth analysis far greater than we can offer in the short-form format that
you receive from us every morning. 
Sometimes, these industry players address issues outside our expertise
and experience.   We offer these articles
and links in no particular order.  We
hope you find these gems as valuable as we did.

Sound Advice for Emerging Hedge Fund Managers
(SadisGoldberg)

http://www.sglawyers.com/admin/PDFs/264.PDF
http://www.sglawyers.com/admin/PDFs/270.PDF

SEC’s Short Selling Crackdown Highlights Role of
Inspections in Enforcement Actions and Continuing Need for Compliance Vigilance
(Willkie Farr)

http://www.willkie.com/files/tbl_s29Publications/FileUpload5686/4475/SECs_Shortselling_Crackdown_Highlights_Role_of_Inspections.pdf

Webinar: Private Investment Fund Financial
Statements: Lessons Learned and Looking Forward (Rothstein Kass)

https://rkcoevents.webex.com/rkcoevents/lsr.php?AT=pb&SP=EC&rID=78149772&rKey=c8ed7b8ad6d15f39

Managing conflicts of interest in the alternative
investment industry (Ernst & Young)

http://www.ey.com/Publication/vwLUAssets/EY_-_Conflicts_of_interest_in_alternative_investment/$FILE/EY-conflicts-of-interest.pdf

PwC Mutual Fund Directors Roundtable: 2013
highlights (PWC)

http://www.pwc.com/us/asset-management/investment-management/publications/mutual-fund-directors-roundtable.jhtml

Hedge Fund Managed Account Platforms: Evolution to
Flexibility (KPMG)

http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/kpmg-managed-accounts.pdf

It’s Time to Revisit Business Continuity Planning:
What Works and What Does Not Work (Dechert)

http://sites.edechert.com/10/1791/september-2013/it-s-time-to-revisit-business-continuity-planning–what-works-and-what-does-not-work.asp?forward=a209c41e-8538-40c1-8976-07079394fd35

FinCEN Issues Guidance on FATF’s Designation of
Jurisdictions with AML/CFT Deficiencies (Bingham)

http://www.bingham.com/Alerts/2013/09/FinCEN-Issues-Guidance-on-FATF

CFTC Guidance on Cross-Border Application of United
States Swap Regulations (K&L Gates)

http://www.klgates.com/cftc-guidance-on-cross-border-application-of-united-states-swap-regulations-09-20-2013/

SEC Gets Tough on Bad Actors (Pepper Hamilton)

http://www.pepperlaw.com/publications_update.aspx?ArticleKey=2744

Update on SEC Staff Position on Private Fund
Broker-Dealer Issues (Ropes & Gray)

http://www.ropesgray.com/news-and-insights/Insights/2013/10/Update-on-SEC-Staff-Position-on-Private-Fund-Broker-Dealer-Issues.aspx

Legal Alert: Summary Prospectus May Be Used to
Satisfy Prohibited Transaction Exemption 77-4 Prospectus Delivery Requirement
(Sutherland)

http://www.sutherland.com/NewsCommentary/Legal-Alerts/156581/Legal-Alert-Summary-Prospectus-May-Be-Used-to-Satisfy-Prohibited-Transaction-Exemption-77-4-Prospectus-Delivery-Requirement

New Pay Ratio Disclosure Rule: Will the Employee
with the Median Level of Compensation Please Raise Your Hand? (Groom)

http://www.groom.com/media/publication/1300_New_Pay_Ratio_Disclosure_Rule.pdf

SEI Executive Connections Insights: The legacy of
legacy systems (SEI)

http://www.seic.com/enUS/about/12752.htm

Broker-Dealer Update: Recent SEC Amendments and
PCAOB Audit Findings (Kreischer Miller)

http://www.kmco.com/alerts/broker-dealer-update-recent-sec-amendments-and-pcaob-audit-findings/

Top 10 hot topics for 2013 A mid-year outlook on the
regulatory landscape for financial institutions (Deloitte)

http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/FSI/US_FSI_Regulatory%20top%2010_081213.pdf

Riding the wave: Hedge funds move toward a new
industry structure and regulatory framework (Grant Thornton)

http://www.grantthornton.com/~/media/content-page-files/financial-services/pdfs/2013/130813_FIS_Riding%20the%20wave_white%20paper_17x11_131008FIN_single.ashx

Memorandum: New Broker Dealer Financial
Responsibility and Financial Reporting Rules (Seward & Kissel)

http://www.sewkis.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=551

Hedge Funds 101 (Managed Fund Association)

http://www.managedfunds.org/hedge-fund-investors/hedge-funds-101/