New York partner Kay Gordon was quoted in an HFMWeek article titled, “Experts warn over extra burdens of SEC ADV plans.” The article discussed expert warnings related to the U.S. Securities and Exchange Commission’s proposals regarding umbrella registration of non-US managers and additional required disclosures which could potentially impose significant costs on the industry.

Kay warned readers about the implications of the proposals on the non-US investment advisers if they were to utilize the proposed “umbrella registration regime.” “Such advisers may inadvertently subject their books and records and certain of their compliance and business policies, practices and personnel to a closer scrutiny than what they bargained for,” she said.