Kelley Howes spoke to FundFire about a proposed Securities and Exchange Commission (SEC) rule that would require reporting on due diligence of certain service providers, and how this would impact private fund managers.
According to Kelley, the "vast majority" of private fund managers already conduct significant due diligence of their service providers, making the rule potentially a "solution in search of a problem."
She added: "At the end of the day, this is a reputation-based business, and if you are not effectively overseeing your service providers, it's a risk to your own brand."
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved
