Regulatory Compliance for Private Funds

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Leading private equity fund sponsors worldwide trust Ropes & Gray to provide the regulatory guidance they need.

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“Regulatory issues have been front and center of client concerns this year, and the team at Ropes is extremely well-equipped to shepherd clients through the constantly evolving regulatory landscape.” Chambers USA

With one of the largest and most diversified investment management practices, Ropes & Gray is uniquely qualified to assist sponsors of private funds in navigating an increasingly complicated regulatory landscape around the world. We have significant experience in investment adviser, broker-dealer, commodity, securities/World Sky, anti-corruption, money laundering and other regulatory areas. We regularly advise sponsors of private funds in these areas as new funds or products are launched, compliance questions arise, new rules are adopted or regulatory examinations occur.

Three areas of particular focus for our private fund clients are the U.S. Investment Advisers Act, the European Alternative Investment Funds Managers Directive (AIFMD) and commodities regulation and compliance. Following recent changes in the Advisers Act that have greatly expanded the firms subject to registration and regulation, we have assisted over 40 leading private fund sponsors in registering as investment advisers with the SEC and developing the required compliance programs, and have assisted numerous non-U.S. private fund sponsors in analyzing their regulatory obligations under U.S. law.

Many of the newly registered firms have already been subject to SEC examinations and we have assisted numerous clients as they have navigated a number of novel issues raised in these examinations. In the run up to implementation of the case of AIFMD, we have advised both European and non-European sponsors on the disclosure, operating and compliance changes required to be effected as the new regime begins to be implemented assisting, in particular, those non-European sponsors wishing to market and offer funds in Europe.

Our commodities law practice regularly advises clients on Commodity Futures Trading Commission and National Futures Association registration, regulation and compliance issues, and counsels commodity pool operators and commodity trading advisors on product design, fund formation, marketing, negotiations and documentation. We have advised numerous clients on the implications of financial reform initiatives and initiatives by the Commodity Futures Trading Commission, the inclusion of swaps as commodity interests, changes in position limits and aggregation, increased reporting, the rescission of registration exemptions, and restrictions on off-exchange foreign currency and metals transactions.