Operational guidance and regulatory advice for chief compliance officers
Since the publication of The US Private Equity Fund Compliance Guide, Volume I in 2010, the United States Securities and Exchange Commission (SEC), has instituted a number of reporting changes for private equity fund managers that register with the SEC as registered investment advisers.
The US Private Equity Fund Compliance Companion provides a timely update on these new and amended regulations. Featuring expert advice from over 30 compliance and legal professionals, this guide for chief compliance officers (CCOs) provides practical guidance on the legal and operational issues that registered investment advisers must comply with, and what the CCO role entails complete with practical tips and checklists.
The companion also features a roundtable discussion among a chief compliance officer, a head of investor relations and three attorneys.
In this exclusive session, these compliance experts discuss reporting net as well as gross performance results, limitation on general or public solicitations of investors, fundraising in new markets, limited partner due diligence and social media policy.
Save thousands with this handy reference with unrivalled insight from experts at the forefront of regulatory compliance. Stay up-to-date with the latest information and ensure your compliance program is fully SEC-compliant.
Inform yourself with this dedicated companion:
- Find out about amended disclosure requirements for Form ADV Parts 1A and 2
- Learn what qualifies investment advisers from registration exemption
- Understand the new whistleblower provision and what it means for firms and portfolio companies
- Keep abreast of the changes to the pay-to-play rule and new state laws and regulations
- Analysis of current and pending regulations stemming from the AIFM Directive in Europe
- Detail on the roles and responsibilities of chief compliance officers
- Access practice tips for conducting annual reviews and preparing for SEC examinations
- Insight into top concerns and issues of legal and fundraising experts
This highly practical guide is ideal for:
- Chief Compliance Officers
- Fund Managers
- General Counsels
- US Advisers to investment funds
- Chief Financial Officers
- Compliance professionals
- Chief Administrative Officers
- Chief Operating Officers
NOTE: This guide does not replace the need for services of an actual compliance professional or of an actual legal counsel.
Charles Lerner is a principal of Fiduciary Compliance Associates LLC, which provides full-service compliance support to investment advisers and private investment funds. During the first part of his career, Charles was an attorney and special counsel in the Division of Enforcement at the US Securities and Exchange Commission in Washington, DC where he investigated and litigated complex and precedent setting cases for violations of the federal securities laws. He then became the director of enforcement at the Pension and Welfare Benefits Administration at the US Department of Labor (the predecessor agency to the Employee Benefits Security Administration) which has regulatory and enforcement responsibilities for the fiduciary responsibility, reporting and prohibited transactions provisions of the Employee Retirement Income Security Act of 1974. ERISA is the federal law that regulates private sector pension, health and welfare plans. He directed a nationwide enforcement program that conducted civil and criminal investigations for violations by fiduciaries (including investment advisers) and service providers to employee benefit plans.
In recent years Charles has been a managing director at major banking and investment advisory institutions (Bankers Trust Company, Deutsche Bank and BlackRock Financial Management) and chief compliance officer of the advisers to private investment funds at UBS AG and Duff Capital Advisors. Charles is an attorney and graduated from Cornell University and Brooklyn Law School.
Charles was lead editor for The US Private Equity Fund Compliance Guide, Volume I, which was published by PEI in 2010.
Chapters also written by:
- Beacon Capital Partners
- BuckleySandler LLP
- Deloitte & Touche LLP
- EisnerAmper LLP
- Finn Dixon & Herling LLP
- Gibson, Dunn & Crutcher LLP
- Highfields Capital Management
- KPMG LLP
- Morgan Lewis & Bockius LLP
- O'Melveny & Myers LLP
SECTION I: REGULATORY DEVELOPMENTS
New and updated regulations
- Part 1A and Part 2 update of Form ADV
- Form PF: Private equity impact assessment
- Investment adviser registration exemptions
- The new Dodd-Frank whistleblower provisions
- Political contributions and state lobbyist registration
- Corruption in emerging markets
- European Union Directive on Alternative Investment Fund Managers: An update
SECTION II: CHIEF COMPLIANCE OFFICER FUNCTIONS
Operational guidance for CCOs
- Chief compliance officer hiring and outsourcing
- Chief compliance officer roles and responsibilities
- Risk management
- Compliance for multi-strategy firms
- Annual review
- Special SEC examination issues
- Auditing a private equity fund
- Compliance roundtable