Best of the Web – December 2016

“How did it get so late so soon? Its night before its afternoon. December is here before its June. My goodness how the time has flewn. How did it get so late so soon?” (Dr. Seuss)

Welcome to the December 2016 BOTW. Was it the end of a year or the end of an era? Only time will tell. But, the regulatory world just keeps rolling along. A former SEC counsel at K&L Gates offers his views on a federal fiduciary standard for private funds. Drinker Biddle untangles insider trading. Sadis offers advice on sub-adviser performance marketing. The only foolproof strategy is knowledge.

A Federal Fiduciary Standard under the Investment Advisers Act of 1940: A Refinement for the Protection of Private Funds (K&L Gates)

http://www.hblr.org/2016/12/a-federal-fiduciary-standard-under-the-investment-advisers-act-of-1940-a-refinement-for-the-protection-of-private-funds/

Do You Think the Second Circuit’s Decision in United States v. Newman is a Game Changer for Hedge Funds? Not So Fast. (Drinker Biddle)

http://www.drinkerbiddle.com/-/media/files/insights/publications/2016/12/hansen_carr_investment-lawyer_dec-2016.pdf

How Investment Managers Can Advertise Sub-Adviser Performance Without Violating SEC Rules (Sadis & Goldberg)

http://www.sglawyers.com/wp-content/uploads/2016/12/Article-Hedge-Fund-Law-Report-Dan-Viola-Dec-1-2016-00314538x9ED28.pdf?lbisphpreq=1

SEC Staff Issues Guidance on Fund Fee Structure Disclosures (Dechert)

https://info.dechert.com/10/7866/december-2016/sec-staff-issues-guidance-on-fund-fee-structure-disclosures(2).asp

Simons Says: New York Proposed Cybersecurity Regulations (Focus One)

http://focus1associates.com/simons-says-new-york-proposed-cybersecurity-regulations/

Regulation FD: From an Investment Management Perspective (Mayer Brown)

https://www.mayerbrown.com/files/News/26612fcb-c0b3-40a4-a4cd-ec07d3c7d610/Presentation/NewsAttachment/6e4dc08e-6cc7-456d-9bd3-efe9ba0fb841/IL_1216_Pershkow.pdf