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Investment Companies, Private Funds, and Investment Advisers

We serve as counsel to investment companies, directors of investment companies, and advisers and other service providers of investment companies. We advise on the formation of investment companies, board supervision, filings, inspections, mergers and acquisitions of registrants, and suitable compliance programs.

We represent private funds exempt from registration, providing advice on domestic and offshore formation, offering of securities in the United States, structuring and operation of compliance programs, expanding supervision and inspections by regulators, and filings mandated for advisers to private funds. We advise clients regarding the legal aspects of the increasing interest of the SEC in unregistered private funds and new SEC regulatory initiatives such as Form CRS and continuing issues regarding valuation of assets and fee calculations.

We represent investment advisers, including both those that act as advisers to funds and advisory firms engaged in the management of individual accounts of their customers. We advise on the fiduciary duties of advisers, identify industry best practices, address SEC compliance issues affecting advisers, counsel clients on operational procedures and practices, assist with mock audits, and help clients respond effectively to regulatory examinations. While we counsel advisers who are subject to SEC regulation, we also guide firms in dealing with expanded state regulation of advisers.

We also advise entities that seek guidance concerning how to operate their non-fund businesses without registration or supervision as regulated entities based on exclusions or exemptions from such registration and regulation. This is an area that can be critical to the success of a non-investment company business and requires a careful analysis of sensitive regulatory concerns.