Electronic Communications: Useful Training Techniques and Policies and Procedures to Adopt (Part Two of Three)

Fund managers are familiar with regulatory obligations to capture, preserve and monitor emails. The universe of written business communications, however, has exploded in the past few years, driven by demographics, advances in technology and digitalization catalysts such as the pandemic. From chat applications including WhatsApp and WeChat to social media platforms such as Twitter and Reddit, CCOs face a dizzying and ever-changing array of business communications that must comply with recordkeeping and supervisory requirements. In light of that, compliance practices developed in the age of email must be adapted to new forms of messaging. This second article in a three-part series reviews policies and procedures PE firms should enact to curb harmful electronic communications practices by their employees, as well as how to train staff on those policies. The first article outlined the regulatory obligations around electronic business communications and described why and how the current use of messaging technologies developed. The third article will detail how CCOs can approach the capture, archiving and surveillance of electronic communications other than email, as well as the challenges of producing responses to document requests from regulatory bodies. See “Navigating the SEC Examination Process: Electronic Communications, Dual‑Hatted CCOs and Common Sponsor Mistakes (Part Two of Two)” (Jul. 9, 2019).

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