ComplianceAlert

New Cybersecurity Threat Identified by OCIE

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) recently issued a Risk Alert (the “Alert”) discussing cybersecurity observations from its examinations over time. The Alert did not state the time period of examinations included; however, OCIE has conducted several cybersecurity targeted exams over recent years. OCIE is concerned with an increase in a particular…

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Reg BI presses for changes…and product offerings, fees evolve (IGNITES)

Firms now under Reg BI and its increased scrutiny are scaling back product offerings and making modifications to fees and compensation. Founder and President Amy Lynch sees this as as a move toward more standardization for the industry, particularly in the way fund shares will be offered. Ms. Lynch comments that firms are now focused…

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Gifts and entertainment polices under review in virtual environment (FundFire)

Tracking employees adherence to their firm’s gifts and entertainment policies has become more challenging during the COVID-19 pandemic, where virtual events have become the norm. Amy Lynch, FrontLine’s Founder and President, states that pre-pandemic, firms could more easily monitor employees, with direct reporting to compliance within an office environment. Ms. Lynch adds that while there…

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ComplianceAlert

SEC Eases Accredited Investor Standard

The SEC recently adopted changes to its definition of an “Accredited Investor.” This is good news for private fund managers since it expands the type of people and entities that will be eligible to invest in private funds. A private fund’s pool of potential investors under Reg D may now include the following investor types:…

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