United States:
SEC Action Highlights Importance Of Proper Expense Apportionment
28 April 2016
Proskauer Rose LLP
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In November 2015, the SEC announced that it had reached a
settlement with Cherokee Investment Partners, LLC and Cherokee
Advisers, LLC, in connection with improperly allocating
managers' regulatory expenses to three funds they managed.
Through this and similar actions, the SEC has clearly indicated
the managers may assign to the funds they manage only those
expenses that are specifically and expressly identified in the
funds' organizational and governing documents. A prudent
approach of examining their current and past practices and
reviewing existing insurance policies may limit regulatory
scrutiny.
Read the full article.
Originally published by VCExperts.
SEC Action Highlights Importance Of Proper Expense
Apportionment
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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