Our Investment Management Alert from earlier this month described to private fund advisers the importance of the Security Exchange Commission’s (SEC’s) Division of Examinations recent Risk Alert on cross trades and principal transactions. That Risk Alert, issued on July 21, 2021, included guidance and warnings based on more than 20 examinations of investment advisers that engaged in cross trades or principal transactions involving fixed income instruments. As SEC-registered advisers, the SEC’s observations and guidance are equally […]

One of Jason’s favorite restaurants is Queen’s English in the Columbia Heights neighborhood of Washington, DC. He patronizes it often enough that the servers don’t need to give him a menu; he is committed to consume whatever dishes chef Henji Cheung and his wife Sarah Thompson, who commands the front of the house, send his way.

The dining room accommodates fewer than 40 guests at a time, and Henji often orders ingredients with his regulars […]