OCIE’s Deputy Director Announces Exam Sweep of Private Fund Advisers
Norm Champ, the Deputy Director of the SEC’s Office of Compliance Inspections and Examinations, announced that OCIE will conduct “a coordinated series of examinations of a significant percentage” of new private fund adviser registrants. OCIE will then publish “a series of ‘after action’ reports” reporting findings. Mr. Champ highlighted 10 “takeaways” for new private fund advisers: conduct compliance reviews, prepare for Form PF reporting, identify firm risks, ensure employees understand their obligations, verify client assets at third parties, identify and eliminate conflicts of interest, ensure accurate disclosure in marketing and advertising, ensure portfolio management compliance, address customer complaints, and check IT security.