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Anchin, Block & Anchin
Financial Services News

The Financial Services Group Newsletter is published periodically by Anchin, Block & Anchin. A service for financial service companies, the Newsletter contains articles which are general in nature and based on sources which are believed to be authoritative. Specific applications would require consideration of all facts and circumstances by qualified professionals. The firm will be pleased to provide additional details upon request.

Anchin, Block & Anchin Recognized as Best North American Accounting Firm for Third Consecutive Year by Hedgeweek Subscribers

    Anchin, Block & Anchin LLP announced today that is has been named the Best North American Accounting Firm in the annual Hedgeweek awards. Anchin is the first three-time winner in this category.


Treasury and IRS release final rules on foreign account reporting

    On January 17, 2013, the U.S. Department of the Treasury and the IRS have issued comprehensive final regulations implementing Foreign Account Tax Compliance Act (FATCA) information reporting provisions. Under FATCA, foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — must disclose to the IRS certain information about their U.S.-owned accounts.


Anchin's Rosenthal Discusses Hedge Fund Regulation (Audio)
Released Jan 04, 2013

    Jan. 4 (Bloomberg) -- Jeffrey Rosenthal, partner at Anchin, Block & Anchin LLP, discusses an increase in the regulation of hedge funds. Rosenthal talks with Bloomberg's Pimm Fox and Vonnie Quinn on Bloomberg Radio's "Taking Stock." (Source: Bloomberg)

IRS Modifies FATCA Timelines - Good News?

    The Foreign Account Tax Compliance Act (“FATCA”) was included as part of the Hiring Incentives to Restore Employment Act (“HIRE Act”) of 2010 and requires foreign financial institutions (FFIs), including hedge funds and other pooled investment vehicles, to report to the Internal Revenue Service on the foreign holdings of U.S. taxpayers or face substantial penalties for noncompliance. The requirements have provoked an outcry abroad, particularly from dual citizens and expatriates, in addition to the financial institutions that are expected to comply. Some foreign banks reportedly have been reluctant to do business with U.S. customers, and some expatriates have renounced their U.S. citizenship.

SEC Introduces Presence Exams Initiative for Newly Registered Investment Advisers

    The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released an industry letter on Tuesday, October 9, 2012, specifically directed to senior executives or principals of newly registered investment advisers to introduce the National Exam Program (“NEP”) and explain the Presence Exams Initiative (“PEI”). An investment adviser is considered “newly registered” if it registered with the SEC after the Dodd-Frank Act became effective. NEP staff will directly contact you if your firm is selected for an examination.

US Hedge Fund Services, October 2012

    Anchin is featured in pages 16, 19-21

Financial Services Group 2012 Year-End Tax Planning



    This guide is designed to provide an overview of the latest thoughts in tax planning strategies and to review the broad range of planning opportunities available to financial services firms. Some of the topics we focus on include planning techniques related to wash sales, mark-to-market election, worthless securities, short sale loss planning, and other tax planning ideas.

Dozens of Financial Services Industry Executives Attend Anchin Financial Services Roundtable

    On Tuesday, June 19th, Anchin’s Financial Services Practice hosted a roundtable discussion titled “Hitting The Financial Services Industry Where It Hurts.”

Hedgeweek names Anchin Best US Accounting Firm

    Anchin, Block & Anchin LLP has been named the Best Accounting Firm in the United States in the annual Hedgeweek Awards announced June 28, 2012, at its award luncheon held in New York City.

What Every Fund Manager Should Know about Managing ERISA Plan Assets

    Due to the lackluster performance in the equity and debt markets in recent years, investments in hedge funds and other alternative investment vehicles are becoming increasingly attractive to retirement plan trustees and investment committees. At the same time, fund managers are eager to manage retirement fund assets since 1) there are a vast amount of assets being held in pension plans ($11 trillion dollars of plan money as of September 30, 20111) and 2) there is typically a long investment horizon for such assets. However, the Employee Retirement Income and Security Act of 1974, as amended (ERISA), the Internal Revenue Code of 1986 (IRC) and the Pension Protection Act of 2006 (PPA) create special issues for fund managers who manage ERISA plan assets.

Hedgeweek Names Anchin Best North American Accounting Firm

    Anchin, Block & Anchin LLP has been named the Best North American Accounting Firm for the second year in a row in the annual Hedgeweek Awards announced this week.

SEC Issues Final Rule on Net Worth Standard for Accredited Investors

    In order to conform to the requirements of the Dodd-Frank Act (“Dodd-Frank"), the Securities and Exchange Commission ("SEC") recently published its final rule amending the definition of an "accredited investor".

New Registration Requirements for Cayman Islands' Master Funds

    On December 5, 2011, the Cayman Islands Legislature passed an amendment to the Mutual Funds Law which will require many previously exempted Cayman-domiciled master funds to register with the Cayman Islands Monetary Authority ("CIMA"). The new registration requirements, which are admittedly principally a revenue raising vehicle, are expected to become effective as soon as the Governor approves the amendment and it is published in the Cayman Islands Gazette.

FASB Proposes Amendments to Investment Company Guidance

    On October 21, 2011, the Financial Accounting Standards Board (“FASB”) issued a proposed Accounting Standards Update (“ASU”) which would amend the guidance in Topic 946 for determining whether an entity is treated as an investment company. The proposed ASU would also require an investment company to consolidate other investment companies and investment property entities (e.g. real estate holding companies) in which it has a controlling interest (e.g. fund-of-funds structure) and would require additional disclosures.

Dodd-Frank Requirements for an Exempt Reporting Adviser

    Additional regulations under the Dodd-Frank Act (the “Act”) impacting advisers have been recently issued and more are expected to come. This alert summarizes highlights of these new regulations and focuses on the effects on an exempt reporting adviser.

Crederian Fund Services Chosen To Provide Services

    Crederian Fund Services announced that it has been selected by Integrated Investment Capital LLC to serve as the administrator for a recently launched specialty investment fund. The Fund will provide loans for qualified individuals desiring financing for the retention of their life insurance. This loan program is offered through Normandy Fund I, LLC (the “Fund”), with an affiliate of Integrated Investment Capital LLC as the managing member.

System Integration and Fund Administration

    Technology is a critical driver of the financial services industry. Better technology tools correlate with better financial products and services. Technology shapes the scope and quality of financial services; and system integration is a critical element of technology-enabled services. System integration represents a significant leap forward in the on-going technological evolution of the industry.

Anchin Launches Anchin, Block & Anchin (Cayman) Ltd.

    Anchin, Block & Anchin LLP is pleased to announce the establishment of Anchin, Block & Anchin (Cayman) Ltd., to provide audit services to funds registered in the Cayman Islands. Anchin Cayman’s resident member is Philip Rankin, CPA.

Crederian Fund Services Launches Fund Administration Practice

    Crederian Fund Services LLC announced the launch of its operations in early summer providing full-service fund administration for the financial services community.