Private Fund Managers: Navigating Recent SEC Guidance on Custody Rule, Qualified Client Status, Knowledgeable Employees, Social Media and CCO Liability
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide commercial finance and private equity counsel with a review of recent legal developments impacting managers of private equity funds and other private investment vehicles. The panel will discuss guidance by the SEC’s Division of Investment Management and SEC enforcement actions, outline compliance challenges and offer solutions, and brief attendees on other practical implications of the new guidance.
- SEC Presence Exams—status, items covered by SEC staff
- SEC guidance
- Custody rule
- Aggregation of different fund accounts for determination of Qualified Client status
- Knowledgeable employees—MFA Letter
- SPVs and escrows
- Use of social media
- SEC concern about fees/transparency—Bowden speech
- Broker dealer issues
- CCO liability—selected enforcement actions
The panel will review these and other key questions:
- What has been the scope of the SEC’s Presence Exam Initiatives and what is the SEC’s goal going forward?
- Under what circumstances will multiple advisers qualify as a “single advisory business”?
- When may a CCO be held personally liable for the misconduct of one of the adviser’s employees?
David H. Pankey
Mr. Pankey's practice includes all aspects of transactional securities work and corporate finance, with an... | Read More
Mr. Pankey's practice includes all aspects of transactional securities work and corporate finance, with an emphasis on private investment vehicles. He handles a number of matters relating to hedge funds, as well as private equity and venture capital funds, including fund formation and the regulatory aspects of these types of funds.Close
Mr. Boardman concentrates his practice on advising private investment funds and institutional clients in connection... | Read More
Mr. Boardman concentrates his practice on advising private investment funds and institutional clients in connection with domestic and international business transactions. He regularly advises sponsors of private equity funds, hedge funds and other pooled investment funds on private fund structuring and fund raising, as well as SEC and state-level investment adviser registration and a wide range of regulatory compliance matters.Close
Anitra T. Cassas
Ms. Cassas is a co-chair of the firm's broker-dealers and investment advisers industry team. She has a securities... | Read More
Ms. Cassas is a co-chair of the firm's broker-dealers and investment advisers industry team. She has a securities regulation and enforcement practice, with a particular emphasis on broker-dealers and investment advisers. She represents broker-dealers, investment advisers, private equity and hedge funds, banks and individuals in connection with government investigations, compliance examinations and internal audits.Close