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Ropes & Gray Partners Quoted in Private Funds Management on SEC Exams for Private Funds

Practices: Private Equity, Private Investment Funds, Asset Management, Sponsor Representation, Securities & Futures Enforcement, Litigation, Government Enforcement / White Collar Criminal Defense, Regulatory Compliance for Private Funds, Regulatory Compliance

A June 28 article in Private Funds Management titled How to cope with an SEC exam” examines how private fund advisors can prepare for an SEC exam. The article includes remarks from private investment funds partner Jason Brown and securities and futures enforcement practice co-chair Eva Carman.

“Fund advisors can obtain information from their external counsel who may have worked on previous [SEC] exams with other clients,” Mr. Brown stated in the article. Counsel “should have a recent request letter, they should prepare a slide deck for their presentation in advance, but most importantly, they should be aware of the key issues in their business,” Mr. Brown specified. “The average private fund exam lasts about six to eight months,” noted Ms. Carman, adding “funds that have novel structures or products tend to last longer. The standard routine private equity exams have become shorter over time.”

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