1c. PF - New Private Fund Investor Reporting Requirements (Intermediate)
The SEC’s push to foster greater disclosure to investors with the Private Fund Adviser Rule has yielded several new client reporting requirements for registered advisers. This interactive session will explore the new quarterly statement requirements for Private Funds, including the role of SaaS providers and vendors in meeting the new requirements. Attendees will discuss the SEC’s objective of a standardized approach for reporting fund fees, expenses, and performance as well as the intersection of requirements for performance presentations under the Private Fund Rule and the Marketing Rule. The following learning objectives will be addressed using examples of various types of private funds, group discussions, and other practical group application activities:
Understand the new categories of Liquid and Illiquid Funds, including essential factors defining an Illiquid Fund.
Identify the various types of fees and expenses that must be disclosed; common calculation methodologies to report accruals of performance fees, contingency funds and other accounting issues related to fees and expenses.
Consider the type of associated disclosure necessary to make required investor reports complete and not misleading.
Discuss commonalities and differences between presenting performance in a quarterly investor report and in an “advertisement” subject to the Marketing Rule and when a quarterly report may also be deemed an “advertisement” under the Marketing Rule.
