Audit-readiness is top of mind for alternative investment firms as regulators reveal examination priorities for the year ahead. The SEC and FINRA both identified cybersecurity preparedness as a key area of focus on 2015 exams.
After many months of fits and starts, on Wednesday, the SEC voted 4-1 to lift the 80-year ban on hedge funds’ ability to engage in general solicitation to the public.
Users in multiple deals can see all the transactions that they have access to on one “hub” screen. Bankers can set up specific files for non-engaged rating agencies to have on-demand access to relevant deal information in order to satisfy the 17g-5 regulations.
The movement to regulate hedge funds lies dormant for several years, until the fall of 2008, when Wachovia and Merrill Lynch are listed for sale on eBay. This time around the government is smarter. They introduce an amendment to the 1940 act called the Private Fund Investment Advisers Registration Act of 2009 and, just to be safe, throw PE and VC firms under the bus along with hedge funds.