Following his tenure as a Senior Specialized Examiner in the SEC’s Office of Compliance Inspections and Examinations (OCIE) Private Funds Unit, Drew Weilbacher has joined Promontory Financial Group (Promontory) as a director in its San Francisco office. He primarily consults investment advisers on their SEC registration obligations, including assessing their policies and procedures; performing mock audits; completing targeted deep-dive reviews of particular risk areas; and assisting with ongoing SEC examinations. The Hedge Fund Law Report recently interviewed Weilbacher in connection with his move to Promontory and to gain his valuable insights on the SEC’s potential treatment of fund managers during the coronavirus pandemic. This first article in a two-part series describes his time at the SEC and his role at Promontory; fund manager conduct OCIE will likely target during the pandemic; and ways the coronavirus could impact SEC examinations and the agency’s priorities. The second article
will outline specific compliance risks – including valuations, liquidity and investor communications – arising during the pandemic, as well as mitigation techniques fund managers can adopt. See our three-part series on withstanding the coronavirus pandemic: “Form ADV Filing Relief, Investor Communications and Fund Valuation Issues
” (Apr. 2, 2020); “Marketing Disruptions, Key Person Clauses and Cybersecurity Concerns
” (Apr. 9, 2020); and “Business Continuity and Other Operational Risks
” (Apr. 16, 2020).