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    Aug. 27, 2026

Five Checklists to Help CCOs Manage Their Compliance Programs

Being the CCO of a private fund manager comes with a lot of pressure. CCOs are largely responsible for ensuring the adequacy of managers’ compliance programs and yet often lack the resources and support they need. The SEC’s focus on individual accountability also has CCOs fearing they will be held personally liable for their firms’ compliance failures. As a result, CCOs – especially those in smaller firms – need all the help they can get to perform core compliance duties. To try to make the lives of CCOs a little easier, the Hedge Fund Law Report is highlighting five articles that include checklists CCOs can adapt and use to comply with SEC recordkeeping requirements, gather the documents typically requested by SEC examiners, comply with the Marketing Rule, assess their cybersecurity programs and convert a private fund manager into a family office. Additional articles containing checklists can be found under “Checklists” on the Hedge Fund Law Report’s Topics page.

Checklists to Help Fund Managers Comply With SEC Recordkeeping Requirements

Under prior leadership, the SEC targeted investment advisers and broker-dealers for recordkeeping failures, most notably those related to off-channel electronic communications. As a result, fund managers understandably have many questions about what specific records they may have to maintain, in what form and for how long. Adding further complexity are the myriad formats in which records now exist. This article summarizes the various records that fund managers operating under the SEC’s purview are required to keep and in what format; discusses the challenges of complying with the recordkeeping requirements; presents legal commentary on the significance of recent regulatory actions concerning books and records; and offers downloadable checklists that CCOs can use when reviewing the records they maintain to ensure they are in compliance with the recordkeeping requirements. See “SEC Modernizes Broker-Dealer Electronic Recordkeeping Rules” (Mar. 2, 2023). 

A Checklist of Initial Documents Typically Requested by the SEC Division of Examinations

In September 2023, the SEC Division of Examinations (Division) issued a risk alert (Risk Alert) outlining its examination selection process for registered investment advisers. Those advisers represent a diverse group that includes small firms and global asset managers and serve diverse clientele, participate in a broad scope of activities and oversee a wide range of assets under management. This article summarizes the Risk Alert, including how the Division selects advisers to examine, focus areas to concentrate on and documents to request. A checklist of initial documents typically requested by the Division is also included. See “SEC 2026 Exam Priorities: Retail Investor Protection In, Crypto Out” (Feb. 12, 2026).

A Checklist to Help Investment Advisers Comply with the Marketing Rule

In recognition of the significant developments in technology and methods of communicating with current and potential investors, the SEC amended the Advertising Rule to modernize it and aggregate guidance from no‑action letters and enforcement actions. The resulting amended rule – now referred to as the “Marketing Rule” – took effect on May 4, 2021, with investment advisers required to be in compliance by November 4, 2022. Since then, the SEC has focused on Marketing Rule compliance in its examinations of private fund managers. This article explains the key differences between the old Advertising and Cash Solicitation Rules and the new Marketing Rule; provides a checklist that advisers can use to help comply with the rule; and explores the relationship between advisers’ efforts to comply with the Marketing Rule and the SEC’s flurry of proposed rulemaking at the time. See “Marketing Rule Risk Alert Focuses on Testimonials, Endorsements and Third-Party Ratings” (Feb. 12, 2026); and “SEC Order Reminds Advisers of Fundamental Obligations Under Marketing and Compliance Rules” (Dec. 18, 2025).

A Checklist Managers Can Use to Assess Their Cybersecurity Programs

Cybersecurity has been and remains a focus for the SEC. But FINRA is also keenly focused on cybersecurity. In fact, on May 5, 2022, FINRA released a tool to help small firms identify key cybersecurity risks and enhance their customer information protection, cybersecurity written supervisory programs and related controls. The tool, entitled “Core Cybersecurity Threats and Effective Controls for Small Firms” (Tool), highlights the most common and recent categories of cybersecurity threats facing small firms; includes questions to assist firms with addressing those threats; provides a summary of core controls small firms should consider; and contains relevant questions for firms to answer when evaluating their current cybersecurity programs. Although the Tool was written for broker-dealers, its guidance is generally applicable to fund managers’ oversight of their cybersecurity programs. This article summarizes the Tool and provides a checklist created from the questions in the Tool that managers can use to assess the sufficiency of their cybersecurity programs. See “The SEC’s Growing Focus on Retailization, AI, Cybersecurity and Private Credit” (Jun. 4, 2026).

Checklists to Assist in Converting a Private Fund Manager Into a Family Office

Managing a private fund requires a lot of time and money. It also opens the manager up to the scrutiny of the SEC and investors, both of which can be quite demanding. Even if the fund’s strategy is profitable, the intense pressure and competition may be enough to drive a manager from the business – and possibly into the creation of a family office instead. The Hedge Fund Law Report spoke to Daniel Bresler, partner at Seward & Kissel, about the issues to consider when converting a private fund manager into a family office. This article presents the discussion on family offices in the current environment; the pros and cons of converting a private fund manager into a family office; other factors to consider; the conversion process; and the role of regulators in that process. It also includes two checklists based on the firm’s white paper on this topic: one on the winding-down process and another on the process of setting up the family office. Managers can download and use these checklists to guide the conversion process. See “Family Offices, Endowments and Foundations Drive Interest in Hedge Funds, According to New Study” (Mar. 17, 2022).

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