This final part of a three-part article series published by The Hedge Fund Law Report analyzes several testing mechanisms that managers can use to ensure compliance with their policies governing corporate access, as well as the US Securities and Exchange Commission’s expectations regarding an adviser’s oversight, controls and procedures related to communications with executives at publicly traded companies.
Morgan Lewis partner David Miller, who is also featured in the first two parts of the series, explains that in terms of how the regulators view corporate access, a few years ago “the civil and criminal enforcement authorities did look at certain areas of the industry with more scrutiny than others. Times have sufficiently changed, however, such that certain presumptions that may have existed beforehand are perhaps not as stark as they used to be.”