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By: Christopher S. Avellaneda, Allison Scher Bernbach, Michael S. Didiuk, Marc E. Elovitz, Kelly Koscuiszka, Tinika M. Brown, Tarik M. Shah and Jarret A. Roby | Schulte Roth & Zabel
On Oct. 16, 2023, the Division of Examinations released its 2024 Examination Priorities months before these have typically been published to more closely align the release with the start of the SEC's fiscal year, which began Oct. 1. This approach is consistent with the Division's goal of more transparency, including with a risk alert it issued in September regarding how it selects examination targets. Much like in the 2023 Examination Priorities, the Priorities combine a specific focus on private funds with other priorities highly relevant to private fund managers. The Division has continued to conduct thematic sweeps of various types of advisers, including private fund managers (e.g., newly registered advisers and those with their principal office and place of business outside of the United States, particularly in the United Kingdom). Areas of focus during thematic sweeps have included marketing rule compliance and use of artificial intelligence, among many others.
In terms of frequency of examinations, the Division indicated that, as in prior years, priorities for being selected for an examination include advisers that have never before been examined (many of which are examined 12 months after registration) and advisers that have been registered for a number of years but have not...................... To view our full article Click here
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