VERIS, LLP NEWS AND ALERTS

GIPS Verification

 
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Steelbridge Compliance offers GIPS Compliance and Verification










Performance Reporting and GIPSJanuary 2011

The Global Investment Performance Standards
(GIPS®) are a widely used, globally accepted methodology for calculating and
presenting investment firms' performance history, and have come to represent industry best practices for performance reporting. They are relied upon by investment firms, their clients, and prospective clients for ensuring consistent, fair, and fully disclosed performance results. They also promote comparability, and give current and potential clients more confidence in the integrity of performance reports and the general practices of a compliant firm.
 
As of January 1, 2011, the standards require investment firms claiming GIPS compliance to disclose whether that claim has been verified by an independent source.
 
Therefore, in addition to helping investment firms with regulatory compliance and SEC/state registration, Steelbridge Compliance also helps its clients meet their GIPS goals by providing: 
GIPS Verification Services;GIPS Performance Reviews;GIPS Pre-Verification Services, i.e. Infrastructure and Process Build-Out; andTraining on GIPS Guidelines and Calculation Methodologies. 
Steelbridge Compliance's team leader on GIPS compliance issues is Arthur Sorochinsky. Mr. Sorochinsky is a CFA with a Masters in Finance and Banking from the University of Alabama, Tuscaloosa. He has taught, and continues to teach, accountancy at major universities and is a former bank regulator with the State of Alabama.
 
If we may be of any help with your GIPS compliance needs, please do not hesitate to call. Also, for more information about Steelbridge Compliance and a link to our website, please see our advertisement on FINalternatives (www.finalternatives.com).

Best regards,
D. Niknejad
Managing Director
Steelbridge Compliance LLC
 








































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Blogs as Law Review

See United States v. Everett, p. 12. This is one of the few appellate decisions that I know of that cites a blog, other than Sentencing Law & Policy (the undisputed champion of this field, which has been cited at least 10 times by appellate decisions). Congratulations, Orin!

via volokh.com

Investment Company Start-Up and Support without the Start-Up Cost

Veris, LLP is proud to announce a joint venture with Blue River Partners, LLC for the formation and support of start-up investment managers and investment companies.  Together, we have built the infrastructure to structure and form the entity, register it with the SEC, and have in place and operating an outside compliance and accounting staff, so that the clients can concentrate on what they know--marketing and trading. All of this can get the investment company/manager up and running within a month, and the costs of doing so can all be back-ended.  We've put together a presentation discussing this further: Download Veris_Blue River Presentation (11.09)

(Actually, this announcement is a bit overdue, but we thought we would need an introduction and context before the upcoming announcement...)

How do you prove that you are related for visa application purposes when there is no supporting documentation?

This is just another way technology can be used to meet our burden of proof...

Individuals unable to provide documentation to prove a biological relationship may prove the biological relationship through DNA testing. The DNA testing is the only acceptable non-documentary method, and only if no other credible proof of the relationship exists. Thus, all other methods for confirming a biological relationship must be exhausted, and a consular officer will recommend DNA testing only as the last resort.

Once the consular officer recommends the DNA testing, a lab technician employed by the panel physician will take the DNA collection at the U.S. embassy or consulate (off-site testing facilities are not acceptable). The DNA collection is witnessed by the consular officer or another American citizen employee of the consular section possessing national security clearance. Once the DNA collection has been taken, the consular officer will forward the petition to U.S. Citizenship and Immigration Services (USCIS) since USCIS is authorized to approve petitions supported solely on DNA testing, and consular officers are not authorized. In order to prove a biological relationship, the DNA test results must show 99.5% or greater between a parent and a child to be accepted.

California Corporation Owe No Fiduciary Duties to their Creditors

In an issue of first impression in California, the California Court of Appeal, Sixth Appellate District found that a corporation's officers and directors owed no fiduciary duties to the corporation's creditors, even if the corporation is in "zone of insolvency".  This seems a sensible result, as the courts should not dilute those duties owed to the corporation itself and its shareholders.  This is especially so in the "loan to own" world where the creditor is interested in using its creditor status to remove the board and put itself in the place of the shareholder.

South Korea Moves to Loosen Regulations on Legal Trade

by Anthony Lin

The American Lawyer

November 05, 2009The Korean government is planning a major deregulation of the nation's legal and other professional services markets, the Korea Herald reports.

At a government meeting Tuesday, Finance Minister Yoon Jeung-hyun explained the move as a way to boost employment in the high-value services sector.

"The government will lower entry barriers to the professional service market to spur competition and to boost the size of the market," Yoon said.

A number of measures aimed at reducing regulation have been recommended to the government by the Korean Development Institute, a think tank. Perhaps most controversially, the KDI has proposed that non-lawyers and conglomerates be permitted to own stakes in law firms. The institute has also recommended an end to restrictions on lawyers, patent agents and certified public accountants practicing together.

Local bar groups are not happy about the move toward less regulation of the trade.

"We are opposed to the KDI's suggestion of allowing non-lawyers to have a stake in a law firm because a legal service cannot, and should not, be regarded as a general business," Korean Bar Association spokesperson Chang Jin-young told The Korea Herald.

The Seoul Bar Association released a statement, saying "a non-lawyer's ownership of a law firm will make law firms subordinate to market capital which undermines the fundamental legitimacy of the current lawyer licensing system."

In the United States, lawyers are prohibited from splitting legal fees with non-lawyers and therefore banned from sharing ownership of a law firm. In the U.K, on the other hand, the 2007 Legal Services Act expressly permits so-called Alternative Business Structures for law firms, including possible ownership by non-lawyers. The British government has yet to develop the regulatory structure for licensing such practices though and much controversy still swirls around their introduction.

Korea has historically had a very small legal sector, with only 1,000 new lawyers qualified each year. However, as we reported in September, even that small elite is now having difficulty in the job market, a development that has raised concerns about plans to double the number of bar-passers by 2012.

Many lawyers say one major problem facing the industry that Korean corporations and government agencies still hire and use far fewer lawyers than their counterparts in the United States or Europe. The Korean government may well see deregulation as the best means of getting the business community to create more lawyer jobs.

The Korean government is planning to hold public hearings on professional-services deregulation this month and finalize the proposed measures in December.

This article first appeared on The Am Law Daily blog on AmericanLawyer.com.

[english.chosun.com] / Chosun Ilbo Newspaper!

Records of Korean Independence Leaders Found at Ellis Island


url :

http://english.chosun.com/site/data/html_dir/2009/10/23/2009102300460.html

Records of Korean independence leaders landing in the United States a century ago have been uncovered in the files of the immigration office on Ellis Island.

The Korean Consulate General in New York on Wednesday received the entry record of key independence leaders Ahn Chang-ho, Yi Sang-seol and Yi Wi-jong in the Port of New York from the Ellis Island Foundation.

The record contains detailed personal information such as nationality, age, carrier number, occupation and height.

Deputy Consul General Ju Nak-young (second from right) of the Korean Consulate General in New York and Stephen Briganti, the president of the Ellis Island Foundation, hold entry records of the arrival of Korean independence fighters in the Port of New York, at the Foundation in New York on Wednesday. Also pictured are Consul Choe Byung-sun and Geum Gyo-hyeok, who discovered the records. /Newsis

After the annexation of Korea by Japan in 1910, Ahn found temporary refuge in China, and after going through Yanbian, Siberia, Moscow and London, he finally landed in the New York on Sept. 3, 1911.

Four years before Ahn, Yi Sang-seol and Yi Wi-jong -- two of the three secret emissaries sent by Korean Emperor Gojong to the Second Peace Conference at The Hague in 1907 -- arrived in New York on Aug. 1, 1907.

The records were discovered by a 26-year-old Korean intern at the Ellis Island Foundation, Keum Kyo-hyuk, who landed the internship through the Work English Study & Travel (WEST) program.

Counterpoint to Mortgage Securitization as Cause of Subprime Meltdown

What caused the subprime crisis?  A recent study counters the common belief (supported by its own studies) that opaque financial instruments disincentivized responsible lending by shifting risk away from the underwriter.  Said more plainly, perhaps packaging loans and spreading the pieces around did not make dopes of the lending industry.  Is there a study regarding Congressional incentivization?

5th Circuit Too Allows Carbon-as-Nuisance Suit

Following up on our earlier post, the 5th Circuit Court of Appeals has also chimed in on the carbon-as-nuisance debate, and agreed with the 2nd Circuit that such suits can go forward.  Most interesting, the 5th Circuit case was brought by private citizens who were victimized by Hurricane Katrina and who claim that global warming caused or contributed to the disaster.  (We are quite anxious to see the “Daubert” briefing on this one).
See the opinion here, and the 2nd Circuit opinion here.

COURTS TO PREEMPT CARBON TAX DEBATE ?

The Second Circuit Court of Appeals revived a lawsuit brought by several states and environmental groups against coal-burning power plants for the alleged harm that their carbon emissions inflict on the environment.  Absent intervention by the Supreme Court or preemption by Congress, it appears that a court may be allowed to determine whether carbon emissions are a public nuisance, and therefore whether businesses that emit carbons have to pay damages (or a de facto carbon tax) to states or others affected.
We’re curious to see the evidence (and the number of interested parties) on both sides. You can find the full opinion here.