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Alternative Market Briefing

Other Voices: How the SEC's list of examination priorities will affect private fund advisors

Friday, January 11, 2019

By: Jones Day, LLP

On December 20, 2018, the Office of Compliance Inspections and Examinations of the U.S. Securities and Exchange Commission released its 2019 Examination Priorities in which OCIE detailed key areas where OCIE currently intends to focus its resources in 2019.

The Report contains many of the same priorities that were included in the 2018 Examination Priorities but with an increased focus on conflicts of interest matters and portfolio management issues. The Report's key areas that should be of particular interest for private fund advisers (e.g., advisers to real estate, hedge, private equity, and venture capital funds) include fees and expenses, conflicts of interest, portfolio management and trading, digital assets, and cybersecurity.

The below key focus areas from the Report are of particular relevance for private fund advisers but do not include every area in the Report or every key area addressed in the Report that may be relevant to private fund advisers (e.g., the focus on never before or not so recently examined advisers and municipal advisers). Further, advisers should be aware that the priorities identified in the Report are not exhaustive, and therefore advisers should be vigilant in identifying and correcting all deficiencies whether or not those deficiencies are among the Report's focus areas (e.g., in the annual reviews of their compliance policies and procedures as required by Rule 206(4)-7 under the U.S. Investment Advisers Ac......................

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