Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
A federally registered investment adviser must formulate, adopt and maintain, and implement, certain policies specified by SEC rules. That obligation applies regardless of the adviser’s size or scope of activities. Although certain of the policies may seem cumbersome or irrelevant, particularly to an adviser with only a few employees, the SEC will insist on them. The SEC will enforce an adviser’s obligation regarding those policies even in the absence of any material client complaints or any connection with allegedly fraudulent activities.
That is illustrated by the SEC’s recently announced enforcement actions against three federally registered advisers. The SEC’s actions against two of the advisers were apparently based on those advisers’ failure to adopt and implement any written compliance policies and procedures (and, in one case, even after SEC examiners had warned the adviser of the deficiency). The failure to adopt any policies, I suspect, is relatively unusual. The SEC’s action against the third adviser, Asset Advisors, LLC, presents a somewhat more instructive situation.
Asset Advisors was an approximately 12-year-old advisory business, owned and managed by an individual, with six employees. According to the SEC Order:
The failures to act by Asset Advisors and its owner-manager-CCO were sufficiently extreme that the SEC considered them willful. The consequences were also extreme. In the SEC Order, Asset Advisors committed to cease its business, withdraw its registration as an investment adviser, transfer each of its client accounts (with consent) to another registered investment adviser and pay a fine or penalty to the SEC.
OUR TAKE: The SEC’s action against Asset Advisors, LLC is a reminder to registered investment advisers that the SEC will enforce, even against smaller advisers, the obligation to adopt and implement the compliance policies required by SEC rules. More particularly, however, a registered investment adviser should be mindful that (1) its compliance policies should not simply be forms provided by an advisory consultant, but should be tailored to its particular business, circumstances and clients, and (2) its adopted policies should not be ignored or disregarded, but should be implemented in accordance with their terms.
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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