Former OCIE Private Funds Examiner Explores Compliance Issues Introduced by the Coronavirus Pandemic and Mitigation Tips (Part Two of Two)

As a Senior Specialized Examiner in the SEC’s Office of Compliance Inspections and Examinations (OCIE) Private Funds Unit, Drew Weilbacher identified compliance shortcomings of fund managers and helped craft OCIE’s examination priorities. Now at Promontory Financial Group (Promontory), he uses that expertise to focus on consulting investment advisers on their SEC registration obligations, which includes reviewing their policies and procedures; conducting mock audits; performing risk assessments in targeted areas; and advising during SEC examinations. To obtain an OCIE examiner’s perspective on the coronavirus pandemic, the Private Equity Law Report recently interviewed Weilbacher in connection with his move to Promontory. This second article in a two-part series explains how fund managers must diligently review their own business continuity plans and those of their vendors; be transparent with investors; and carefully document risky valuations. The first article detailed his experience at the SEC and role at Promontory, while also forecasting OCIE’s potential treatment of fund manager compliance practices during the coronavirus pandemic. See also “Webinar Covers Key Topics for Fund Manager GCs and CCOs in Light of Coronavirus” (Mar. 31, 2020).

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