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Compliance Considerations for Private Funds: Valuation and Distribution
The SEC’s Office of Compliance Inspections and Examinations (OCIE) just issued a Risk Alert for investment advisers to private funds. Among the risks identified, OCIE noted that it had determined that some private fund advisers did not value client assets in accordance with disclosed valuation policies, leading to overvaluation of those assets and in turn overcharging investors for management fees and/or carried interest. This session will include a review of common problems in conducting asset valuations, as well as a survey of currently-applicable rules for distribution of private fund interests and current SEC examination and enforcement priorities.
After attending this session, attendees should be able to:
- Explore regulatory developments pertaining to private fund valuation
- Review the SEC’s concerns with distribution arrangements which require possible registration by investment advisers and their employees as broker dealers and broker dealer representatives
- Establish a framework designed to help ensure that your compliance program adequately addresses the SEC’s focus areas
This virtual course is being taught as part of the Fall 2020 Compliance Conference. To learn more, visit our main conference webpage.
Counsel, Stradley Ronon Stevens & Young
Nicole represents securities and commodities professionals in a variety of regulatory, compliance and corporate matters. She has extensive experience with respect to hedge funds, commodity pools, private equity funds, cryptocurrency funds, venture capital funds, real estate funds, fund of funds and socially responsible investment vehicles.
Nicole provides legal and compliance guidance to investment advisers, commodity pool operators, commodity trading advisors, introducing brokers, forex firms, proprietary trading firms, futures commission merchants and broker-dealers. Nicole drafts and develops offering documents, compliance manuals, policies and procedures, corporate materials, business contracts, investment agreements and advertising materials.
Nicole is a Founder of the Investment Network and the Digital Assets Working Group, and is a Director of the Washington D.C. Compliance Roundtable of the Chicago Region. Nicole was selected as a Super Lawyers Rising Star in 2016, 2017, 2018, 2019 and 2020.
Senior Director, Private Fund Services, NRS
Max joined NRS in 2007 as a Consultant in the Investment Adviser Services Department and is based in our Massachusetts branch office. Max delivers comprehensive compliance solutions to all types of investment management firms, with special emphasis on private fund advisers, including hedge funds, funds of funds, private equity and debt funds, venture capital funds, real estate funds and other pooled investment vehicles.
Max earned his Juris Doctor degree Cum Laude from Boston College Law School in 2002. He is a member of the State Bar of Massachusetts.
After graduating from law school, Max accepted a corporate associate position with Choate Hall & Stewart LLP. During his tenure at Choate Hall, Max specialized in secured financing transactions, mergers and acquisitions, and bankruptcy litigation.
Max received his Bachelor of Arts degree Summa Cum Laude, graduating Phi Beta Kappa from Tufts University with majors in International Relations and Eastern European Studies.
For Whom: Designed to increase the professional competence of Investment Advisers.
Suggested Skill Level: Intermediate
Maximum Recommended Credit Hours for this session will include CLE, IACCP® and CPE.
CA MCLE = 75 minutes
IACCP® = 75 minutes
CPE = 75 minutes
For more information, check out the NRS Continuing Education Guide.