Dechert Partners and Venor Capital General Counsel Describe the Scope of Supervisory Liability for Hedge Fund Manager Personnel

The Regulatory Compliance Association recently presented a PracticeEdge session that addressed when and how a private fund adviser’s chief compliance officer and/or general counsel could be held personally liable for the misconduct of one of the adviser’s employees.  The session featured Dechert LLP partners Catherine Botticelli, Michael J. Gilbert and Adam J. Wasserman; and John Roth, the General Counsel and Chief Compliance Officer of Venor Capital Management.  The speakers covered the regulatory and statutory background of supervisory liability; three characteristics of effective hedge fund manager CCOs; recent enforcement actions; six tips for minimizing the risks and consequences of personal liability for manager personnel; portfolio manager liability; and codes of ethics.  This article summarizes the session.

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