5. “Insider Trading”: Key Considerations for a Private Fund Manager (Intermediate)

Managers are required to implement and enforce policies and procedures “reasonably designed” to prevent the misuse of material nonpublic information.  With increasing frequency in examinations and enforcement proceedings, the SEC has found fund manager policies and procedures to be insufficient. This session will focus on the constellation of policies and procedures that may be considered to satisfy the “reasonably designed” standard and the implications of the Panuwat verdict and other legal developments for the content and scope of policies and procedures. Examples will be drawn from a variety of business models including private credit, private equity, CLOs, hedge, and real estate.

Learning Objectives:

·       Understand alternative forms of data, such as web-scraping and large data.

·       Understand the potential sources of MNPI, including data rooms, creditor committees, value-added investors, etc.

·       Establish expert networks and industry consultants.

·       Learn about value investors.

·       Discuss information associated with private equity / credit and syndicated loans... ad hoc or creditor committees