Asset management regulatory and compliance services

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The SEC proposes new rules to allow issuers making private offerings to advertise - September 2012 The “Jumpstart Our Business Startups Act” (“JOBS Act”), enacted in early April of 2012, required the SEC to lift the prohibitions on general solicitation and to allow issuers to advertise private offerings, as long as all purchasers of such interests are accredited investors (as already required). On August 29, 2012, the SEC proposed new rules to implement the JOBS Act. Read more about the new rules

A fast take on the impact of the Dodd-Frank Act on asset management firms - April 2012 Several provisions of the Dodd-Frank Act impact the asset management industry, either directly as regulated investment advisers, or indirectly as participants in the markets. Here is a summary of how Dodd-Frank impacts asset managers. Click here to read a summary of how Dodd-Frank impacts asset managers.

CFTC Adopts New Rules Requiring Advisers to Investment Companies and Private Funds to Register - March 2012 On February 9, 2012, the CFTC adopted amendments to its rules to require private fund managers and SEC-registered investment companies that have portfolio holdings in commodity interests to become registered with the CFTC, unless they meet new criteria for exemption. The CFTC also proposed "harmonization" rules intended to ease the burden of complying with both the Securities and Exchange Commission (SEC) and CFTC requirements.

The SEC adopts final rule on hedge fund filing The Securities and Exchange Commission (SEC) unanimously approved a final rule requiring registered advisers to private funds to report detailed information on new Form PF. The information will be used by the Financial Stability Oversight Council to gain insight into the activities of advisers, enhance its risk monitoring of the financial markets, and assess systemic risk. Learn more >

The SEC’s New Large Trader Reporting Requirements Place New Regulatory Obligations on Both Asset Managers and Broker-Dealers In July 2011, the SEC adopted a new rule and accompanying form to establish a method for the SEC to identify large traders, obtain trading information for such traders and analyze such activity. The "Large Trader Rule" became effective October 3, 2011. The new rule will have significant impact on large traders, as well as on the sell-side firms that interact with large traders. Learn more >

Anti-corruption laws: Private equity not exempt Over the past few years, there has been increased national and international attention directed at bribery and corruption related to business activities that involve government and pseudo-government entities and individuals. This heightened scrutiny has resulted in a greater focus by countries’ regulatory and law enforcement agencies on the financial services industry, including private equity firms. Learn more >

New reporting requirements for "exempt reporting advisers" In June, the SEC adopted final rules as mandated by the Dodd-Frank Act to require many previously exempt advisers to private funds to become registered as investment advisers with the SEC. The final rules also establish new exemptions from the adviser registration rules. Learn more >

Insider trading: The risks financial service firms face today and how they can protect the franchise This webcast addresses insider trading, an area of particular regulatory focus, and will describe steps that financial services firms can take to protect themselves and address the risks of insider trading. Click to view the archived webcast >

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The current regulatory environment has investment management firms grappling with a growing number of requirements and expectations from both regulators and investors. The consequences of non-compliance with those requirements and expectations are regularly in the news and key stakeholders, such as investors, boards of directors, regulators and the public in general, are increasingly questioning the effectiveness of existing compliance programs.

A sound system of compliance controls is essential in protecting your firm from business, regulatory and reputational risks. A strong compliance function will also become a factor of increasing importance which will define and set a firm apart from its competition.

Our asset management regulatory team, a part of our national FS regulatory practice, includes a group of experienced professionals with diverse backgrounds in the asset management industry. With teams located in our New York, Boston, San Francisco, Los Angeles and Washington DC offices, and participation in PwC's broad based global financial services practice, we are able to assist our investment management clients anywhere in the world.

Our team includes:

• Former SEC examiners and branch chiefs
• Former Chief Compliance Officers
• Forensics and investigations experts
• Data and systems specialists

Our mission is to assist asset managers in identifying, assessing, and controlling business, operational, and compliance risk in an efficient and cost-effective manner. What sets PwC's investment management regulatory team apart is its commitment to learn and understand the unique operations of each investment management firm and provide tailored controls and solutions for your unique regulatory and compliance issues.

 

Our services

Among the services we commonly provide our clients are the following:

• Compliance organization and program assessment
  • Analyzing the compliance organization, infrastructure, monitoring and governance programs. Assisting with potential governance automation, including the elimination of redundant controls
  
  
  
• Compliance program development and implementation
  • Assisting in the development and implementation of the compliance organization, compliance program and compliance policies and procedures with an emphasis on operations and controls
  • PwC's integrated governance risk and compliance framework helps clients get positive assurance that their policies, procedures and control objectives are testable and control activities and risks are actively managed. Our standardized framework permits traceability from policy to the control tested and also creates a path for future governance automation.
  
  
  
• Mock inspections
  • Performing mock inspections to assist in preparing for an SEC examination through mock SEC interviews, documentation review and testing by former SEC examiners
  
  
  
• 206(4)-7 and 38a-1 compliance trust services
  • Testing compliance control objectives and activities defined by management using AICPA's SOP 07-2
  • Issuing attest opinions on the effectiveness of compliance control objectives and activities which can be shared with management and clients
  
  
  
• Data analysis
  • Designing and performing tests of securities transactions to determine compliance with portfolio management, trading and personal securities policies and procedures
  
  
  
• Due diligence
  • Performing regulatory compliance due diligence associated with acquisitions of investment management or distribution businesses
  
  
  
• Investigations and litigation support
  • Investigating facts and analyzing data to quantify exposure, assess vulnerability and formulate strategy to mitigate enforcement and litigation risks
  
  
  
• Compliance training
  • Advising in the development and delivery of effective compliance training programs