A 2014 program presented by the Regulatory Compliance Association reviewed the experiences of several in-house legal and compliance practitioners with SEC and NFA examinations. The program also provided an overview of key substantive issues that are likely to be addressed in those exams, including insider trading and expert networks; trade and investment allocations; expense allocations; marketing documents; high-frequency trading; cybersecurity; social media; and broker-dealer registration. The program was moderated by Christopher M. Wells
, partner at Proskauer, and featured Cynthia Marian, then-vice president, chief compliance officer (CCO) and deputy general counsel (GC) of Tinicum; Dianne Mattioli, then-CCO of Hedgemark Securities; Mark Polemeni, then-CCO of asset management at Citadel; and Catherine Smith, GC of Guidepoint Global. Although the program dates from 2014, the issues raised and guidance offered by the participants remain relevant to fund managers today. This article
highlights the key points raised by the panel. See “Practical Guidance From Former SEC Examiners on Preparing for and Surviving SEC Examinations
” (Sep. 1, 2016); and our three-part series “What Do Hedge Fund Managers Need to Know to Prepare for, Handle and Survive SEC Examinations?”: Part One
(Feb. 3, 2011); Part Two
(Feb. 10, 2011); and Part Three
(Feb. 18, 2011).