One structure that concerns Commissioner Berkowitz is as follows:

Adviser A manages a private fund with U.S. investors;

the fund establishes a subsidiary that is a non-U.S. CPO;

the non-U.S. CPO establishes a non-U.S. fund; and

Adviser A moves the money of the U.S. private fund investors into the non-U.S. commodity pool.

Had Adviser A simply established the non-U.S. pool and taken money from U.S. investors, Adviser A would be subject to CFTC…

One of the most practical pieces of advice for any firm is that its compliance procedures should not go beyond the letter of the law requirements unless its actual practices in fact go equally beyond the letter of the law. According to FINRA, this advice holds even during the pandemic; firms should document the instances where their procedures do not account for grants of regulatory relief. Firms should take this documentation effort seriously and clean up any instances where, whether due to…

The statement by NASAA's President, urging that Congress not permit a reduction in regulatory requirements as a result of the pandemic, and perhaps even add additional restrictions as to private offerings, stands in direct contrast to . This disagreement on whether to lighten or toughen regulation in response to current conditions shows no sign of abating. See, e.g., (particularly concerning the dissent from Commissioner Lee).

"ESG" disclosure remains a problematic concept for regulators: does it mean being energy efficient, or having minorities on the board of directors, or supporting specified political policies? These concepts do not have any common measurement, nor can they be reasonably aggregated in a way that would produce a meaningful number. (See also .)