How Fund Managers Can Withstand the Coronavirus Pandemic: Form ADV Filing Relief, Investor Communications and Fund Valuation Issues (Part One of Three)

In addition to the general disruptions to businesses caused by the outbreak of the coronavirus – full or partial office shutdowns; limited travel; potential service disruptions; and volatility in the financial markets - fund managers need to take extra care to prepare for the effect the pandemic will have on their operations and investments. To assist with those efforts, the Hedge Fund Law Report interviewed legal professionals about considerations and best practices for fund managers to mitigate risks from the coronavirus pandemic. This first article in a three-part series examines the SEC’s recent orders offering relief from Form ADV and Form PF filings; considerations for managers to effectively communicate with investors during the pandemic; and issues relating to hedge fund valuations. The second article will detail other private fund-specific matters implicated by the coronavirus, including key person provisions and ongoing marketing efforts. The third article will address certain general operational risks that fund managers need to mitigate. See “Can Emerging Hedge Fund Managers Use Technology to Satisfy Business Continuity Requirements and Mitigate Third-Party Risk?” (Sep. 3, 2015); and “How Should Hedge Fund Managers Approach Formulating Risk Assessment Plans and What Regulatory Risks Should Be on Their Radar?” (Feb. 14, 2013).

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