{"id":5390,"date":"2012-12-15T00:00:00","date_gmt":"2012-12-15T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/12\/some_private_fund_advisers_exe"},"modified":"2022-03-09T16:32:11","modified_gmt":"2022-03-09T22:32:11","slug":"some-private-fund-advisers-exe","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/some-private-fund-advisers-exe\/","title":{"rendered":"Some Private Fund Advisers are Exercising Inadequate Controls, Says SEC Commissioner Elisse Walter"},"content":{"rendered":"\n<p>According to Securities and Exchange Commissioner Elise Walter, examinations of newly registered private fund advisers has already revealed numerous instances of poor controls by a number of members, especially when expenses and fees are involved. Some of these instances, she reports, are on the border of misconduct. Walter, who President Obama named to take the place of current SEC Chairman Schapiro when she steps down this week, expressed her own views (which may not be the same as the regulator\u2019s) at the Commission\u2019s enforcement panel at the National Law Journal&#8217;s Regulatory Summit in DC earlier this month. <\/p>\n<p>Over 1,500 advisers to hedge funds and private funds are now also SEC registered in the wake of rules adopted per the Dodd-Frank Wall Street Reform and Consumer Protection Act. This raises the total number of those that have completed Commission registration to 4,061 private fund advisers and 11,002 investment advisers, with 37% offering advise to hedge funds and other private funds. <\/p>\n<p>The Commission\u2019s Office of Compliance Inspections and Examinations will perform adviser \u201cpresence\u201d exams looking at certain risk areas for the next two years. This is a new process for advisers, which is why the SEC has been engaged in outreach to make sure expectations and procedures are clear. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/some-private-fund-advisers-exe\/\"  title=\"Continue Reading Some Private Fund Advisers are Exercising Inadequate Controls, Says SEC Commissioner Elisse Walter\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to Securities and Exchange Commissioner Elise Walter, examinations of newly registered private fund advisers has already revealed numerous instances of poor controls by a number of members, especially when expenses and fees are involved. Some of these instances, she reports, are on the border of misconduct. Walter, who President Obama named to take the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3748,3761],"tags":[],"class_list":["post-5390","post","type-post","status-publish","format-standard","hentry","category-hedge-funds","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Some Private Fund Advisers are Exercising Inadequate Controls, Says SEC Commissioner Elisse Walter &#8212; Investor Lawyers Blog &#8212; December 15, 2012<\/title>\n<meta name=\"description\" content=\"According to Securities and Exchange Commissioner Elise Walter, examinations of newly registered private fund advisers has already revealed numerous &#8212; December 15, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/some-private-fund-advisers-exe\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Some Private Fund Advisers are Exercising Inadequate Controls, Says SEC Commissioner Elisse Walter &#8212; 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