New regulations on disclosure and expenses are ‘keeping general counsels up at night’
email rounding up the latestPrivate equity, venture capital and hedge fund groups are preparing to spend billions of dollars on compliance and legal advice as they cope with the biggest regulatory changes to hit the industry since the aftermath of the 2008 crisis.decision last month to adopt sweeping new rules for the private fund industry is prompting some smaller fund managers to look for their first full-time general counsels and chief compliance officers.
Those costs do not include increased spending on tougher marketing rules that firms had to start complying with late last year as well as new “form FP” amendments that require rapid regulatory disclosure of big losses and other important events. o stop the new private fund rules from going into effect. Firms are concerned that the case might still be pending or that a court loss would leave them unprepared to implement the new rules by their effective date, expected to be in roughly a year to 18 months, depending on fund size.
Fund managers will have to figure out how to comply with a mandate for investors to be treated similarly for redemption and disclosure purposes even when they are not in identical funds. The SEC has specifically warned the industry that treating investors in a healthcare fund and a tech fund differently could violate the ban on preferential treatment.
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