As regulatory concerns proliferate and become more complex, developing and monitoring your “to-do” list becomes of paramount importance. John Gentile, the Director of Private Fund Manager Services for Compliance Solutions Strategies and Michael Emanuel, a Partner at Stroock & Stroock & Lavan LLP provided attendees of the recent CSS 2019 Fall Conference some insight into compliance calendaring for private fund advisers, specifically, how to identify, complete, and track progress throughout a private fund adviser’s fiscal year.
Some key takeaways:
- Stay the Course – This means: establish and implement a testing program that is spread throughout the year and well-documented.
- Outline Your Calendar – In other words, divide the compliance tasks by frequency: weekly, monthly, quarterly, semi-annually, annually, or similar divides.
- Consider all Sources of Dates and “To Do’s” – Here, calendar all applicable regulatory requirements as well as best practices. But do not forget other sources of obligations such as Compliance Manual procedures; advisory, vendor, and other contracts; side letters; non-United States laws and regulations; remediation tasks from prior reviews and testing; and prior SEC Deficiency Letters.
Once you have your compliance calendar complete, as the experienced panelists reminded the audience, keep the analyses and documentation flowing. For example, utilize attestations; delegate certain activities; assign in writing responsibilities to utilize appropriate personnel and clarify who is responsible for implementation; and set up friendly reminders for yourself and others. To develop your knowledge of the advisory business and all of the adviser’s activities, and in turn to develop adviser-wide awareness of compliance perspectives, sit in on committee meetings and find time to engage with staff.
Finally, analyze your compliance calendar on at least an annual basis. Ask yourself about its overall effectiveness and whether it assisted you in managing your many responsibilities. If not, feel free to reach out to the panelists or others at Compliance Solutions Strategies to obtain additional support for enhancing your compliance calendar, as well as any other aspect of your Compliance Program. Check out our consulting services and contact us.
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