When tax-exempt or non-U.S. taxpayers invest in U.S. businesses, unwanted and unintended U.S. tax obligations can follow without careful planning. Blocker corporations have become a common strategy employed...
Obtaining a Phase I environmental site assessment (ESA) is essential to conducting environmental due diligence for commercial real estate transactions. The goal of a Phase I ESA is to evaluate readily...
Artificial intelligence (AI) tools and resources are inundating the news, social media, professional seminars, and inboxes. AI is part of every conversation across industries and professional services...
Do you need guidance in defending against claims brought under the recently overhauled California's Private Attorneys General Act (PAGA)? Read Private Attorneys General Act in California: Defending...
Confidently present your case in chief to the Trademark Trial and Appeal Board (TTAB) with this opening trial brief that an opposer/petitioner (plaintiff) may use in an opposition or cancellation proceeding...
A registered investment adviser has custody if it holds, directly or indirectly, client funds or securities, or has any authority to obtain possession of them. Advisers that have custody of client funds or securities must undergo an annual surprise examination by an independent public accountant that verifies the client funds and securities over which the adviser has custody (with a few notable exceptions). The custody rule also imposes a set of requirements on accountants conducting the surprise examination that, among other things, obligates them to alert the SEC to any discrepancies the accountants identify.
The SEC has brought many enforcement cases against advisers that have had custody of client assets and failed to obtain an annual surprise examination, and the SEC’s own examination program makes verifying client assets and identifying lapses in custodial practices a priority. This Regulation of Custodial Practices outline offers expert guidance on custody of client assets from Robert Plaze, former Deputy Director of the SEC’s Division of Investment Management. Additional product resources assist attorneys in applying this knowledge when evaluating their clients’ custodial practices and compliance programs. READ NOW »
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