Hedge funds are preparing for the implementation of the US Securities and Exchange Commission’s (SEC’s) new marketing and advertising rule on November 4. Partner Christine Lombardo told FundFire that hedge fund legal and compliance teams will need to “kick the tires” on their materials and relationships—especially around fundraising activities—to make sure they are compliant with the complicated rule.
“Hedge fund managers need to reconsider their agreements with placement agents to determine whether they need to be updated or supplemented to address the requirements of this rule,” Christine said.
She added that once the rule is live, managers will need to have a good system and ongoing checklists in place.
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