Mr. Teleki focuses his practice on regulatory compliance issues facing registered investment companies, including mutual funds and closed-end funds, broker-dealers, investment advisers, unregistered funds, variable insurance product issuers and distributors, and related service providers.. He also advises financial institutions on anti-money laundering and OFAC issues. Mr. Teleki also has experience in corporate governance and Sarbanes-Oxley issues. Recent examples of his work include:
- conducting anti-money laundering program reviews for financial institutions;
- responding to SEC staff deficiency and sweep letters;
- winding down an insurance company’s variable insurance business;
- negotiating Rule 22c-2 agreements for a major retirement platform provider and participation agreements for a new variable annuity product;
- participating in a major overhaul of wrap program agreements and related ADV Part II disclosure;
- converting several unregistered funds into registered funds;
- participating in the representation of a large investment company complex in an investigation by state attorneys general and securities regulatory agencies with respect to market timing, supervision and fiduciary responsibilities;
- developing and drafting tailored anti-money laundering compliance solutions (including policies, procedures, client intake forms and other items) for bank, broker-dealer, asset management and insurance company clients;
- obtaining exemptive relief for mixed and shared funding for variable insurance products on behalf of a mutual fund complex;
- monitoring legislative and regulatory developments relating to anti-money laundering and the USA Patriot Act; and
- conducting training presentations for clients on anti-money laundering and OFAC compliance.
Prior to entering legal practice, Mr. Teleki owned and managed a small construction company specializing in custom home construction and remodeling. He also worked in the commercial real estate division of Wells Fargo, where he conducted due diligence for commercial mortgage-backed structured finance projects. He is proficient in Hungarian.