Private Fund Managers

Navigating Recent SEC Guidance on Custody Rule, Qualified Client Status, Knowledgeable Employees, Use of Social Media and CCO Liability

September 9, 2014

Strafford Live CLE Webinar

McGuireWoods partners David H. Pankey, Kevin Boardman and Anitra Cassas presented a panel discussion of recent guidance by the Securities and Exchange Commission (SEC) and its impact on managers of private equity funds and other private investment vehicles. Speakers addressed SEC enforcement actions, discuss compliance problems and potential solutions, and consider other practical ramifications of the new guidance.

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  • Scope and status of the SEC’s presence exam initiative
  • SEC guidance on the use of social media, expansion of the ability of knowledgeable employees to invest, and the use of SPVs by private equity fund managers
  • Situations where a CCO may be personally liable for misconduct by an adviser’s employee
  • SEC concern about fees and transparency
  • Broker dealer issues