Since the enactment of the Dodd-Frank Act in 2010, compliance officers in the financial services industry have been working franticly to analyze and implement the multitude of rules and regulations that flowed from its passage. Although some in the industry have been hopeful that the Trump administration would herald a regulatory-lite approach by the SEC, only time will tell whether the administration’s anti-regulatory posture will trickle down to the regulatory agencies, their leadership and, in the case of the SEC, the staff of the Office of Compliance Inspections and Examinations. A recent program sponsored by BakerHostetler considered the impact of the new administration, as well as the leadership of SEC Chair Jay Clayton, on the regulation of investment advisers. The program was moderated by Marc D. Powers, partner at BakerHostetler and national leader of the firm’s securities litigation, regulatory enforcement and hedge fund industry practices; and featured Walter Van Dorn, partner and head of BakerHostetler’s international capital markets practice; Jonathan A. Forman, counsel at BakerHostetler; Simcha B. David, partner at EisnerAmper; and Andrew N. Siegel
, then-partner, chief compliance officer and chief regulatory counsel at Perella Weinberg Partners. This second article in our two-part series discusses hot topics in the area of SEC enforcement, as well as the tax aspects of loan origination and cryptocurrencies. The first article
reviewed recent regulatory initiatives undertaken by the SEC that impact investment advisers, whether the change in leadership at the SEC will affect the examination environment and the implementation of MiFID II. For more from Powers and Forman, see “BakerHostetler Panel Analyzes the Trump Effect on the SEC’s Initiatives and Enforcement Efforts
” (May 4, 2017); and “‘Gatekeeper’ Actions by the SEC and Investors Against Administrators Challenge Private Fund Industry
” (Sep. 8, 2016).