McGladrey explains SEC ramp up to 4,000 exams - - is your fund ready? - Siouxland News - KMEG 14 and FOX 44

McGladrey explains SEC ramp up to 4,000 exams - - is your fund ready?

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SOURCE McGladrey

CHICAGO, Feb. 7, 2014 /PRNewswire/ -- The Securities and Exchange Commission (SEC) has added more examiners and is significantly increasing exam activity. Any hedge or private equity fund could be a target. Many funds that previously were not required to register with the SEC must do so now. And funds not required to register are still subject to regulatory attention from the SEC. McGladrey's white paper, Is your fund prepared for the SEC's heightened regulatory focus?, can help you determine if your fund is prepared. 

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With more examiners, the SEC is completing exams more quickly. The SEC also has introduced a Presence Exam approach, which uses a risk-based model to target funds for examination and to determine how they will be examined. A few of the key areas the Presence Exam will focus are:

  • Marketing materials and approaches used to solicit investors
  • Portfolio management practices
  • Conflicts of interest
  • Custody of client assets valuations

If your fund is chosen for an exam, you will only have a matter of days to respond to the initial document request and can expect an onsite visit within a week. Can you answer these key questions?

  • Do you know where and how to gather all key documents that an examiner might request?
  • Are you ready to explain your fund to examiners?
  • Have you checked for holes in your compliance efforts?
  • Are your people ready?
  • Are your offices prepared for interviews?
  • Are you ready to provide documents to and answer questions for SEC staff while they are onsite?

The number of cases involving the SEC's enforcement division has nearly doubled in recent years and will continue to grow. McGladrey's Is your fund prepared for the SEC's heightened regulatory focus? can help your fund prepare for this regulatory challenge.  

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