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The US Private Equity Fund Compliance Guide, Volume I

£399.00

Key Information

  • ISBN: 978-1-904-696-83-4
  • Publication Date: October 2010
  • Number of Pages: 300

The US Private Equity Fund Compliance Guide, Volume I, contains essential and practical information for all who need to register with the SEC for the first time, or are registered investment advisers and need to maintain an active compliance program.

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Ensure your firm is SEC compliant

The US Private Equity Fund Compliance Guide, Volume I, contains essential and practical information for all who need to register with the SEC for the first time, or are registered investment advisers and need to maintain an active compliance program.

The Dodd-Frank Act can change the way you do business. US advisers to private equity, real estate and hedge funds with $150 million or more in assets under management in the US must register with the Securities & Exchange Commission. Any global business that has operations, investments or provides services in the US may also be subject to registration. Registration with the SEC entails, among others, establishing a formal compliance program, appointing a chief compliance officer, revising fundraising and marketing documents, and facing regular and random inspections.

The book will help to inform and educate fund managers, advisers, investors, consultants and associated professionals with a vital source of intelligence on registered investment advisers. Edited by Charles Lerner of Fiduciary Compliance Associates, this guide contains essential and practical information for all who need to register with the SEC for the first time, or are registered investment advisers and need to maintain an active compliance program.

In The US Private Equity Fund Compliance Guide, Volume I, thirty leading lawyers and compliance experts from Ropes & Gray LLP, Sherman & Sterling LLP, Baker & McKenzie LLP, Pepper Hamilton LLP, McDermott Will & Emery LLP, Seward & Kissell LLP, Cadwalader Wickersham & Taft LLP, PricewaterhouseCoopers, Deloitte and others guide you in detail through all the issues that need to be considered when complying with new SEC regulations.

Inform yourself with this dedicated compliance guide

Charles Lerner of Fiduciary Compliance Associate lead-edits this practical and informative must-read publication to private equity fund compliance in the US
Over 30 leading professionals guide you through the pre- and post-registration process, from staffing for the compliance role to managing litigation risks
Leading lawyers advise you on a host of topics, from anti-money laundering, custody, foreign investments, identifying potential conflicts of interest, insider trading, marketing and advertising, and political contributions
Learn how to benchmark your compliance program, write a compliance manual and ensure compliance within the firm
Understand what the first year after registration entails for your firm and how to manage an SEC inspection
Save thousands: Understand which questions you need to ask and nuances you need to know and save your compliance program valuable time and expense

This highly practical guide is ideal for:

  • Chief Compliance Officers
  • General Counsels
  • Chief Financial Officers
  • Chief Administrative Officers
  • Chief Operations Officers
  • Fund Managers
  • US advisers to investment funds
  • Compliance professionals
  • Consultants

*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.

About the editor

Foreword and appreciation

An overview of the private equity compliance landscape
By Charles Lerner, Fiduciary Compliance Associates LLC

Introduction

SECTION I: BEFORE REGISTERING

The human capital factor and cost considerations
By John J. Schneider, KPMG LLC and Daniel S. Bender, Navigant Consulting, Inc.

Preparing to file Form ADV
By Joel A. Wattenbarger and Brianna J. Cox, Ropes & Gray LLP

How to write a compliance manual
By Joel A. Wattenbarger and Brianna J. Cox, Ropes & Gray LLP

SECTION II POLICIES

Code of ethics
By Richard D. Marshall, Ropes & Gray LLP

Insider trading
By Richard D. Marshall, Ropes & Gray LLP

Creating and maintaining books and records
By Scott D. Pomfret, PricewaterhouseCoopers LLP

Setting up and managing a data retention policy and business continuity plan
By Damian N. Walch, Deloitte & Touche LLP

Identifying potential conflicts of interest
By Laura S. Friedrich and Steven A. Homan,Shearman & Sterling LLP

Marketing, advertising and fund solicitations
By Julia D. Corelli, Pepper Hamilton LLP

Political contributions
By Raj Marphatia and Nicole L. Cross, Ropes & Gray LLP

Side letters
By Erik A. Bergman and Justin J. Shigemi, Finn Dixon & Herling LLP

Anti-money laundering
By Eugene I. Goldman and Rahul Rao, McDermott Will & Emery LLP

Custody
By Edwin C. Laurenson, McDermott Will & Emery LLP

ERISA
By S. John Ryan, Seward & Kissel LLP

Foreign investments and the FCPA
By Paul J. McNulty and Jerome Tomas, Baker & McKenzie LLP

Privacy and information safeguarding
By Nathan J. Greene and Jesse P. Kanach, Shearman & Sterling LLP

Proxy voting
By Erik A. Bergman and Justin J. Shigemi, Finn Dixon & Herling LLP

Selection and oversight of service providers
By Karl J. Ehrsam, Alexa V. DiGiorgio and Joseph Dietzer, Deloitte & Touche LLP

Valuation and pricing
By John N. Marshall and Thomas C. Kaylor, Deloitte Financial Advisory Services LLP

SECTION III: AFTER REGISTERING AND BEYOND

The first year after registration
By John M. Ford and Lisa D. Zeises, Pepper Hamilton LLP

Ensuring compliance within the firm
By K. Susan Grafton and Andreas J. Meyer, Gibson, Dunn & Crutcher LLP

Managing SEC inspections
By Alex Koplin and Scott D. Pomfret, PricewaterhouseCoopers LLP

Managing litigation risks
By Hal S. Shaftel and Reginald D. Lucas of Cadwalader Wickersham & Taft LLP

European Union Directive on Alternative Investment Fund Managers: Impact on US fund managers
By Raj Marphatia and Rachel A. Evans, Ropes & Gray LLP

SECTION IV: APPENDICES
Appendix 1 Information for Newly Registered Investment Advisers

Appendix 2 ‘A Job Description for CCOs of Advisers to Private Investment Funds’
Speech by Gene Gohlke, Associate Director Office of Compliance Inspection and Examinations, SEC

Appendix 3 Notes from the PEI Fund Compliance Forum
This section provides a selection of quotes from speakers at the PEI Private Fund Compliance Forum held in New York on June 22 and 23, 2010

SECTION V: FROM THE PEI ARCHIVES

Regulatory reality
By Jenna Gottlieb

Compliance comes to town
By Jenna Gottlieb

Dodd-Frank to reduce pool of ‘accredited investors’
By Nicholas Donato

Q&A: Custody rules
By Nicholas Donato
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