Kelley Howes spoke to FundFire about the challenges private equity fund managers are facing with the upcoming compliance mandates under the Securities and Exchange Commission's marketing rule that takes effect November 4.
According to Kelley, many private fund managers are only now realizing the extent of compliance tasks ahead, or are toiling through extensive changes the new rule requires.
"Right now is where the rubber hits the road," Kelley said. "People have underestimated the amount of time it takes to come into compliance with the rule – and not just what's in the rule, but also the implementation of policies and procedures. Those are not things that can be created overnight."
Read the full article (subscription required).
Originally published by FundFire
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved