SEC Investment Management Division Director Norm Champ Pinpoints the Key Compliance Challenges in Hedge Fund and Alternative Mutual Fund Management

On September 11, 2014, SEC Division of Investment Management Director Norm Champ delivered remarks at the Practising Law Institute’s 2014 hedge fund management seminar.  Champ covered a wide range of territory, including industry statistics, use of Forms ADV and PF for systemic risk monitoring and enforcement purposes, recent guidance updates and no-action letters relevant to hedge fund managers, evolving examination dynamics, signs of a weak compliance program and industry-specific conflicts of interest.  Champ also highlighted notable conflicts of interest inherent in simultaneously managing alternative mutual funds and hedge funds, expanding on the ideas he introduced in a speech at a PLI private equity event on June 30, 2014.  For more on Champ’s June 30 speech, see “Five Key Compliance Challenges for Alternative Mutual Funds: Valuation, Liquidity, Leverage, Disclosure and Director Oversight,” Hedge Fund Law Report, Vol. 7, No. 28 (Jul. 24, 2014).

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