Private fund advisers: Integrating testing into a risk-focused compliance program

August 2010
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Private fund advisers: Integrating testing into a risk-focused compliance program

At a glance

August 2010 - The financial services industry that has emerged from the recent market turmoil is one that has stricter standards, greater regulatory scrutiny, and higher client expectations for alternative asset management firms.

The financial services industry that has emerged from the recent market turmoil is one that has stricter standards, greater regulatory scrutiny, and higher client expectations for alternative asset management firms. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act many hedge fund and private equity fund advisers (private fund advisers) will be required to register with the Securities Exchange Commission (SEC).

Those that register will be subject to the same rules, regulations, and requirements as traditional advisers, including having to implement and annually assess a compliance program as mandated by the Investment Advisers Act Rule 206(4)-7.