Compliance Deadlines - Second Quarter 2016

There are many regulatory filings and compliance forms that investment managers need to complete throughout the year. Below is a list of some of the key compliance dates for the second quarter of 2016. Please note that this is general advice that is applicable to most investment advisers with a December 31st fiscal year end. This list is not exhaustive and contains some best practice compliance suggestions. April 15, 2016 Brokerage Committee Meeting. Conduct quarterly brokerage committee meeting.

April 30, 2016 Private Fund Audited Financial Statements. Distribute audited financial statements to investors for any private investment fund for which the adviser or a related person has custody of the fund's assets, assuming the adviser is registered with the U.S. Securities and Exchange Commission ("SEC") or a state authority.

Access Person Quarterly Transaction Reports. Collect quarterly reports from access persons for their personal securities transactions.

Code of Ethics and Compliance Manual. Distribute code of ethics and compliance manual to employees, including acknowledgment form.

Annual Delivery of Form ADV Part 2. Send to all clients and fund investors a copy of the adviser's Form ADV Part 2, assuming the adviser is registered with the SEC or a state authority. [1]

Annual Filers - Form PF with SEC. Private equity funds and smaller private fund advisers with a December 31st calendar year end, assuming the adviser is registered with the SEC.

May 15, 2016 Form 13F. File any required Form 13F with the SEC.

May 30, 2016 Privacy Policy Notices. Send an annual privacy notice to every natural person client or fund investor, which could be included with the delivery of Form ADV Part 2 to clients and fund investors. [2]

June 15, 2016 Quarterly Employee Compliance Training. Conduct a quarterly employee training session to review requirements under the adviser's written compliance policies and procedures, including the code of ethics, as well as any material changes to these materials. Maintain list of attendance.[3]

June 30, 2016 Form 13H. Review transactions and assess whether Form 13H needs to be amended.

Form PF. Review assets/holdings to determine filing requirements.

Pooled Quarterly Report (PQR)(For Registered Commodity Pool Operators). Quarterly financial reports to be filed using NFA Easy File System.

If you have any questions about this Alert, please contact Daniel G. Viola at 212.573.8038 or dviola@sglawyers.com.

[1] An adviser is required to deliver Form ADV Part 2 to clients; it is not required to deliver Form ADV Part 2 to investors in a pooled investment vehicle. However, it is considered a best practice and it is recommended that an adviser delivers Form ADV Part 2 to each investor in a pooled investment vehicle. [2] Although Regulation S-P does not specify the exact day by which the annual privacy notice must be sent, May 30 seems to be an appropriate date because the mailing can be coordinated with delivery of Form ADV Part 2 (which can include the Privacy Policy) to clients or fund investors. [3] The Advisers Act does not specify that any training session is necessary, and therefore the date on which training should occur is not specified. However, a registered adviser must distribute and receive signed acknowledgements of changes to its code of ethics. Since the code (as well as an adviser's compliance policies and procedures) may be amended as part of an adviser's annual review, as well as at any other time, quarterly training should help to keep personnel up to date regarding policies and procedures and otherwise remind personnel of their compliance obligations.

Cheryl Spratt