Private Funds Near Top of List on SEC’s 2023 Examination Priorities
Each year, the Securities and Exchange Commission’s Division of Examinations publishes its examination priorities, alerting the industry to what likely will become the areas of deficiency most cited in deficiency letters or referred to the Division of Enforcement that year. The 2023 Examination Priorities were published last week, and for […]
Annual SEC Section 13 Filing Requirements for Venture, Private Equity Funds
Venture and private equity funds that own equity securities of public companies may have numerous Securities and Exchange Commission filing requirements, including filings based on the size of the holdings of a particular portfolio company, aggregate holdings of securities across all public portfolio companies, and filings triggered by the volume […]
SEC Proposes New Rule and Record-Keeping Requirements for Outsourcing by Registered Investment Advisers
Engaging service providers and outsourcing various functions is a normal part of running an effective business. From the newest emerging managers to the most established ones, venture capital firms and private fund shops regularly rely on service providers to fill various functions, including valuation, accounting, anti-money laundering and “know your […]
Last-Minute Checklist for Private Fund Managers Complying With Marketing Rule
By now, registered investment advisers (RIAs) know that this is their last week to ensure they come into compliance with the “new” marketing rule under the Investment Advisers Act of 1940. While the Securities and Exchange Commission (SEC) adopted amendments to Rule 206(4)-1 (Marketing Rule) on December 22, 2020, with […]
Venture Capital Advisers Not Off-Limits for SEC Scrutiny
In the past six months, the Securities and Exchange Commission has settled a number of enforcement actions against venture capital advisers who are exempt reporting advisers (ERAs) and not registered investment advisers (RIAs). In the years since the implementation of Dodd-Frank Act rules in 2011 – when large private equity […]