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SEC making its "presence" known with private fund advisers; exam focus includes conflicts, disclosure, official says

Dec 19 2012 Stuart Gittleman, Compliance Complete

The Securities and Exchange Commission is rolling out its "presence strategy" for examining newly registered investment advisers to private funds and will publish guidance on the program soon, Carlo Di Florio, an SEC official, said Tuesday. The program was launched in October as a way to familiarize new registrants with SEC oversight and reporting, Di Florio, director of the SEC Office of Compliance Inspections and Examinations, said at a Regulatory Compliance Association educational forum. The Dodd-Frank act adopted in 2010 requires advisers and to hedge funds and other private funds to register with the SEC. The agency said in October that 1,504 advisers had registered under the Dodd-Frank mandate. It also said it was adopting a presence strategy of risk-based examinations that will take place over the next two years. OCIE is familiarizing itself with the potential risks in advising private funds, and is working with the Divisions of Enforcement, particularly the asset management

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