August 22, 2022
Private Fund Examination Requests and Record-Keeping
Given the growth of private fund assets and the significance of exam findings in the last several years the SEC has prioritized its focus on private funds. In the Division of Examinations (EXAMS) 2022 Examination Priorities publication the first significant focus area listed was private funds. EXAMS published the second ever risk alert aimed at private funds in February, which encouraged strengthening compliance programs and acting consistent with disclosed practices (see our prior coverage here). This year has seen multiple rule proposals to increase the transparency of private funds through new statements, audits, and required disclosures and more detailed reporting on Form PF (see our prior coverage from February and August). Fairview has seen examination requests asking for more information regarding private funds that follows this trend:
What does this mean for me?
The increased focus of EXAMS, the SEC’s proposed rules, and the continuing push for more information and disclosure around private fund assets should lead any adviser to reexamine their current practices and compliance policies and procedures.
If your business requires assistance with record-keeping, meeting compliance requirements, or seeking further guidance on fund issues, Fairview can help. Our team of compliance experts can get your firm on track with a meaningful compliance program. Contact us today for more information about what Fairview can do for your business.