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Alternative Market Briefing

SEC to ask tough questions of fund directors

Friday, March 22, 2013

Bailey McCann, Opalesque New York: In a recent keynote address, Norm Champ, the Director of the Division of Investment Management of the Securities and Exchange Commission, noted that his division would be working closely with others at the regulator to increase scrutiny on funds and fund directors. In the speech, he said he expected to hold in-person meetings with fund directors and get an up-close understanding of the funds industry.

According to a client alert from attorneys with law firm Bingham McCutchen, "directors should be considering the questions posed by Mr. Champ, and, if the SEC staff seeks an interview, should work closely with counsel to ensure they are well prepared."

In the speech, Champ laid out a number of specific questions on topics ranging from how many funds a director is overseeing, how responsibilities and time are allocated, and whether fund directors have the know-how to ask tough questions of the funds they are involved with. Mr. Champ added that the Division is also interested in hearing from directors about "areas where directors believe they are adding value and, in contrast, about areas where they feel that their oversight is more difficult to manage."

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