On April 15, the U.S. Securities and Exchange Commission (SEC)’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert on its Cybersecurity Initiative.1 The Alert is intended to provide additional information concerning the SEC’s initiative to assess cybersecurity preparedness in the securities industry, including broker-dealers and investment advisers. The SEC has been increasingly focused on cybersecurity issues, beginning with its Cybersecurity Disclosure Guidance issued in October of 20112 and most recently with its Cybersecurity Roundtable.3 In its Alert,...

April data show that the $133 million Three Borough Pool paid off with a small loss. A Wall Street Journal article and a Barclay's note also alerted us to the refinancing of the previously delinquent loan backed by 42 multifamily buildings across Manhattan, Brooklyn and The Bronx. New York Attorney General Eric Schneiderman and the owners of the pool, Normandy Real Estate and Westbrook Partners, came to a settlement which allowed the refinancing to be finalized. The loan had been delinquent since 2011 when conversions...

Borrower Gives Up on Newark Hotel April commentary from the special servicer handling the $53.8 million Sheraton at Newark International Airport revealed the borrower is not interested in a modification, but will cooperate with a foreclosure. (A Commercial Real Estate Direct piece tipped us off to the note.) The loan, which backs 2.4% of JPMCC 2006-CB17, was transferred to special servicing last month and is now listed as 90+ days delinquent. The Sheraton at Newark International Airport loan is backed by a 504-unit, full service hotel...

Following the trilogue negotiations among the European Parliament, the European Council and the European Commission, agreement was reached in relation to the European Commission’s set of proposals to strengthen the rules for undertakings for collective investment in transferable securities ("UCITS"). This concluded the negotiations in relation to the draft UCITS V proposals which were originally put forward by the European Commission in July 2012 with the aim of addressing lessons learned from the financial crisis, most notably in connection with...

If you have a woman-owned small business here in New York, or if you know a woman who owns a small business, we strongly encourage applications to IWEC:  the International Women's Enterprise Challenge.  The New York Grant Company, as an awardee of this program in 2012, knows firsthand how it offers a strong boost to woman-owned businesses.  Initiated and sponsored by the US Department of State, the program awards and recognizes three selected businesses from the US every year. In...

The President has released his annual 'Greenbook'. This book outlines his budget proposals for the upcoming fiscal year. Although not all the items in the book make it into the final budget, they provide a clear window to view the policies that he intends to push for the year. The proposals for Estate and Gift Tax contain several items that could significantly affect one's ability to pass assets to loved ones in a tax-efficient manner. Join McManus & Associates on...

On April 7, 2014, it was announced that the United States Securities and Exchange Commission (SEC) has created a new private fund unit dedicated to the examination of private equity and hedge funds. The new group is another example of increased regulatory oversight of the financial services industry following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Pub. L. 111-203, H.R. 4173. As a result of Dodd-Frank, many investment advisers, hedge funds, and private equity...

133 international companies set up business operations in Vienna in 2013, more than ever before. Total investment volume amounted to about EUR 38 million, creating 700 new jobs. In the past ten years more than 1,000 international firms have established subsidiaries or branch offices in Vienna, creating or safeguarding 9,100 jobs and stimulating investments of EUR 800 million. Functioning city lures companies The soft skills offered by the business location were also among the main reasons explaining the decision of international...