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Compliance burden for investment managers to private funds has increased two years since the Dodd-Frank Act

Tuesday, October 16, 2012

From Komfie Manalo, Opalesque Asia:

The compliance burden for investment managers to private funds has increased substantially in the more than two years since the enactment of the Dodd-Frank Act, said international law firm Akin Gump Straus Hauer & Feld.

In its Special Report it disclosed that many private fund managers have registered with the Securities and Exchange Commission. In addition to implementing compliance programs, fund managers must disclose information relating to each of their funds in a standardized question and answer format (i.e., Form ADV Part 1), a narrative brochure that describes the risks of the funds and potential conflicts of interest (i.e., Form ADV Part 2), and a lengthy and confidential report of the systemic risk posed by the funds that the manager manages (i.e., Form PF).

The law firm commented, "Even investment advisers that are exempt from registration under new exemptions from registration added by the Dodd-Frank Act are required to publicly disclose limited information in a filing with the SEC. Also, the SEC staff is beginning the process of examining the newly registered advisers and other advisers over the next year and a half to two years, and all registered inves......................

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