It's no secret that investment advisers to hedge funds, private equity, and other private funds have been subjected to intense regulatory scrutiny of late. Yet, until recently, most were not required to register under the Investment Advisers Act and were not subject to any of its rules.
Enter the market crisis of 2008.
In the fallout, Dodd-Frank amended the Act, ushering in a new world of government oversight for private fund advisers-a world fraught with pitfalls!
Among other things, fund advisers are expected to adopt compliance programs to meet the requirements of innumerable provisions of law, regulations, interpretations, and no-action letters. Most of these were never intended to apply to, and are often ill-fitted to, address the practices of private fund advisers. Whether a seasoned pro or novice, it can be a challenge to sort out what is truly applicable from what is not.
This invaluable resource provides candid advice to help clear up the confusion.
The Core identifies the foundational requirements that all private fund advisers must address within their compliance programs. In plain English, The Core helps advisers to recognize regulatory risks and prepare controls to meet expectations, protect investors, and pass an SEC examination.
About the Author: Mederic ("Med") Daigneault is the senior director of private fund services at National Regulatory Services (NRS). He works closely with compliance officers to identify their firms' regulatory obligations, conflicts of interest, and other risks in the development and implementation of comprehensive compliance programs.
He graduated Phi Beta Kappa from Wesleyan University and earned his law degree at Boston College Law School. He practiced law as a corporate and securities lawyer before joining NRS in 2004.
Daigneault has assisted hundreds of investment advisers, including scores of private fund managers, in fulfilling their regulatory obligations. He is a frequent speaker at industry conferences and topical seminars sponsored by a wide variety of financial industry associations, vendors, and regulators. He has contributed to and has been sought for comment by leading industry publications regarding complex compliance issues. He lives in Connecticut with his wife and twin daughters.
