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ARTICLE · 15 NOVEMBER 2012

Private Investment Fund Update: November 2012

Ropes & Gray LLP
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On October 9, 2012, the United States SEC published a letter to newly registered investment advisers to introduce the National Exam Program.

United StatesFinance and Banking
Ropes & Gray LLP'S Private Investment Funds
Ropes & Gray LLP'S Private Investment Funds
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REGULATORY DEVELOPMENTS

SEC Publishes Letter to Private Fund Industry Regarding Presence Exams

On October 9, 2012, the United States Securities and Exchange Commission (the "SEC") published a letter to newly registered investment advisers to introduce the National Exam Program (the "NEP") and provide certain information about upcoming examinations and the topical areas that may be examined. Over the next two years, the NEP will begin conducting focus, risk-based examinations with respect to newly registered investment advisers of private funds (the "Presence Exams"). These Presence Exams have three primary phases: engagement; examination; and reporting:

  • Engagement Phase.During the engagement phrase, the NEP will engage in a nationwide outreach program to inform newly registered investment advisers about (among other things) their obligation under the Investment Advisers Act of 1940 (the "Advisers Act") and the Presence Exams. In anticipation of the

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