Funds, Fees & Affiliates
FUNDS, FEES & AFFILIATES (OH MY!) SEC OCIE’s Examination of the Private Fund World Moderators: James W. Van Horn, Jr., Hirschler Fleischer, PC Marc R. Lieberman, Kutak Rock LLP Presenters: Matthew D. Harris, Securities Exchange Commission, Chicago Office Edward Schwartz, ORG Portfolio Management NAPPA SEC Working Group Panel 2015 NAPPA Legal Education Conference June 25, 2015 AGENDA I. Overview Marc Lieberman II. OCIE Examinations Matthew Harris A. Examination Process B. Exam Priorities C. Examination Results III. Panel Discussion Jim Van Horn Marc Lieberman A. Fee Allocations, Disclosure & Transparency Matt Harris B. Fiduciary Duty of Private Fund Advisers Ed Schwartz C. Role of Fund Administrators & Auditors D. Independent Monitors IV. Questions F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 2 OVERVIEW Increased Federal Oversight of Private Investment Funds 2010 – Dodd-Frank Act amends Investment Advisers Act of 1940 (Advisers Act) - Private Fund Advisers (PFAs) must register with SEC June 2011 – SEC Adopts Rules - PFAs ≥ $150 mm to register Oct. 9, 2012 – OCIE Letter to PFAs announcing “Presence Exams” May 2, 2012 – OCIE Director di Florio Speech – PFA Compliance with Advisers Act F UNDS, FEES & AFFILIATES (OH M Y!) J UNE 25, 2015 3 OVERVIEW Increased Federal Oversight of Private Investment Funds May 11, 2012 – OCIE Director Champ Speech - “What SEC Registration Means for Hedge Fund Advisers” January 9, 2014 – OCIE /NEP Examination Priorities for 2014 (PFAs prioritized) January 28, 2014 – OCIE “Risk Alert” re: investor
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