These are my notes from the Private Fund Compliance Forum 2013. They are live notes, so please excuse my typos. One thing that this past year has shown us is that at some point or another, sooner rather than later, the SEC will come knocking. This session will show you how to effectively prepare for [...]
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Don’t Overstate Assets Under Management
I’ve said it before: Don’t overstate assets under management. You need to keep records on your calculations and be able to prove the calculations. Umesh Tandon ran Simran Capital Management and was trying to land California Public Employees’ Retirement System (CalPERS) as a client. The problem was that CalPERS required prospective investment advisers to have [...]
2013 SEC Examination Priorities
The Securities Exchange Commission published its examination priorities for 2013. They cover a wide range of issues at financial institutions, including broker-dealers, clearing agencies, exchanges and self-regulatory organizations, investment companies, hedge funds and private equity funds, and transfer agents. The scope of an IA examination is “generally limited to the issues and business practices of [...]
Valuations and the New Presence Exams
I’ve come across a new document request list for a presence exam from the SEC’s Atlanta Regional Office. The exam period for the letter begins March 31, 2012 – the Dodd-Frank deadline for new advisers to register with the SEC. The SEC has said presence exams will target new advisers or those that manage private [...]
New Document Request List for Presence Exams
We’ve had the first siting of the new document request letter for the new presence exams. IA Watch has obtained a copy of the letter issued from the Atlanta Regional Office. This letter sets the exam period to start on March 30, 2012. That addresses some concerns that the SEC would look at period prior [...]
The New SEC Presence Exams
The Securities and Exchange Commission has started it Presence Exams process. I have copies of letters from the New York Regional Office and the Boston Regional Office. The Presence Exams is part of an initiative to conduct “focused, risk-based examinations of investment advisers to private funds that recently registered with the commission.” The SEC has [...]
Mock Audit: Successfully Maneuvering Your Way Through an SEC Exam
These are my notes from the “Mock Audit: Successfully maneuvering your way through an SEC exam” session at the Private Fund Compliance Forum 2012. These are my raw notes, so please excuse the typos and rambling. Moderator: Ted Eichenlaub, Partner, ACA Compliance Group Panel Members: John P. Malfettone, Senior Managing Director, Chief Operating Officer & [...]
SEC’s National Exam Program Overview
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) mission is to protect investors through its nationwide examination and inspection program. Examiners in Washington DC and in the SEC’s 11 regional offices conduct examinations of the nation’s registered entities. Besides investment advisers, OCIE also examines broker-dealers, transfer agents, investment companies, the national securities exchanges, clearing [...]
SEC Sweep Letter for Private Equity Funds
The San Francisco Office of the SEC has an informal inquiry into the valuations of private equity funds. IA Watch has received a copy of the sweep letter from the Division of Enforcement directed to a private equity fund manager. Some highlights in the request: All formation and offering documents for the fund, including private [...]
What is the SEC Looking For With Private Fund Managers
IA Watch published a few recent document request letters in connection with SEC examinations of investment advisers. One is a document request letter sent to a private fund manager (sub. required). These are some of the items requested that caught my attention: Organizational chart showing ownership percentages investment strategy Amount of adviser’s equity interest Amount [...]
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