New Final SEC Rules for Private Fund Advisers: Fee and Expense Allocations, GP Clawbacks, Adviser-Led Secondaries
Navigating Increased Regulatory Compliance Obligations and Reporting for Private Fund Advisers
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will discuss the SEC's newly adopted rules and amendments impacting private fund advisers relating to quarterly statements, private fund audits, adviser-led secondaries, restricted/prohibited activities, and preferential treatment. The panel will discuss these significant changes and provide practice tips to ensure attorneys and their clients are prepared to comply with these new rules.
Outline
- Overview of the new rules
- How the rules impact different types of private fund advisers
- Reporting requirements
- Fees and expenses
- Portfolio investment-level disclosures
- Calculations and cross-references to organizational and offering documents
- Performance disclosures
- Private fund audits
- Impact on adviser-led secondary transactions
- Restricted/prohibited activities
- Preferential treatment side letters
- Effective and compliance dates
- Legal challenges
- Key takeaways and practical considerations
Benefits
The panel will address these and other key issues:
- What is the intent behind the SEC's increased focus on private funds?
- What are the new reporting requirements for private fund advisers?
- What is the impact on side letters?
- What are the restricted/prohibited activities for private fund advisers?
Faculty
Jaclyn Grodin
Counsel
Goulston & Storrs
Ms. Grodin represents companies, private equity firms, hedge funds, investment advisers, real estate entities, and... | Read More
Ms. Grodin represents companies, private equity firms, hedge funds, investment advisers, real estate entities, and individuals in a wide range of business disputes including partnership and investor actions, financial fraud cases, securities-related matters, government investigations, trade secret litigations, and intellectual property controversies. Prior to joining the firm, Ms. Grodin spent more than three years as an Assistant Attorney General in the Investor Protection Bureau of the New York State Office of the Attorney General, where she worked on numerous high-profile investigations, including for violations of New York’s Martin Act by investment advisers, asset managers, and broker-dealers as well as law enforcement’s violation of state and federal constitutional rights.
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Christine Ayako Schleppegrell
Partner
Morgan, Lewis & Bockius
Ms. Schleppegrell counsels asset managers on legal, regulatory, and compliance matters, focusing on advisers to private... | Read More
Ms. Schleppegrell counsels asset managers on legal, regulatory, and compliance matters, focusing on advisers to private funds (private equity, hedge, venture capital, infrastructure, real estate, credit) and separately managed accounts. She spent several years in private practice and more recently at the SEC, including in leadership roles in the Division of Investment Management. While at the SEC, Ms. Schleppegrell led the Private Funds Branch during a time of landmark rulemaking impacting private fund advisers—she draws on this experience to advise on current and pending regulations and to guide clients through enforcement and examination proceedings. Ms. Schleppegrell is a frequent speaker on regulatory issues related to the asset management industry. She is an adjunct professor at Fordham University School of Law where she teaches courses on investment management, investment adviser regulation, and corporations. Ms. Schleppegrell also lectures in Fordham’s Advanced Corporate Compliance Institute on topics including governance structures for business entities and the role of fiduciaries. She has served as a guest lecturer at USC Gould School of Law and Georgetown University Law Center.
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