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Issues Arising from SEC Investigations of Private Fund Managers

2 May 2013

This webinar discussed the increasing exposure of Investment Advisers and Private Funds to informal and formal SEC investigations. Policyholders and insurers frequently dispute the availability of insurance coverage for SEC investigations. Our panel discussion addressed the steps you should take to maximize the chance of obtaining insurance coverage for the investigation itself and any potential enforcement actions resulting from the SEC investigation.

Session Highlights:

  • Discussion of the “decision tree” for Compliance. Once a hedge fund manager becomes aware of an investigation or possible investigation, who should be notified, and how the internal response team should be formed and proceed.
  • Common mistakes during an investigation process; missteps to avoid.
  • Discussion of potential insurance coverage for SEC investigations and resulting enforcement actions, steps that policyholders should take during the renewal period and during the claims-handling process, and issues concerning the scope of coverage that are frequently disputed by policyholders and insurers.
  • Examples of Current Litigation – How have matters been settled for the entity and named individuals
  • Coverage for legal fees incurred in responding to SEC Investigations
  • Indemnification Clauses – Are they acceptable to the SEC?
  • Identifying high risk issues and mitigating them within the compliance review process by focusing on:
    • Valuation
    • Performance testing and verification
    • Allocation of expenses to funds


  • Stephen Crimmins, Partner, K&L Gates, Washington, D.C.
  • Shahri Griffin, Senior Vice President - Co-Head, Financial Institutions Group, Herbert L. Jamison & Co., LLC
  • Cary Meer, Moderator, Partner, K&L Gates, Washington, D.C.
  • Kristina Staples, Senior Principal Consultant, ACA Compliance Group
  • Gregory Wright, Partner, K&L Gates, Washington, D.C.

To view a recording of this webinar, please click here