The Regulatory Roundtable

In the latest episode of The Regulatory Roundtable, co-produced with Simpson Thacher's The Funds Channel, we discuss the SEC's focus on artificial intelligence, including in exams and the recent settlements with two investment advisers in connection with their statements regarding their use of artificial intelligence, and considerations for looking ahead.Episode Resources:5/2/24 SEC Examination Lessons Learned During the Biden/Gensler Era and Looking Ahead4/18/24 Compliance Policies Update Hot Topics3/19/24 SEC Fines Two Investment Advisers for “AI Washing” 11/1/23 White House Issues Landmark Executive Order on Artificial IntelligenceMeet Your Episode Hosts:Shannon M. O'SullivanPartner; host and moderator of The Funds Channel; concentrates on the formation and operation of a diverse platform of private fundsMeaghan A. Kelly, Simpson ThacherPartner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

This episode focuses on the SEC's new and amended rules targeting private fund advisers, which were adopted on August 23. In addition to reviewing the rules' requirements—including some significant modifications from the rules that were proposed in February 2022—we discuss our expectations for fund advisers under the new rules and the ongoing litigation challenging them, as well as exam and enforcement observations.Episode Resources:9/12/23 SEC Marketing Rule Settlements Total 10 Before One Year Anniversary of Compliance Date9/11/23 SEC Division of Examinations Releases Process-Focused Risk Alert—Exam Selection and Typical Categories of Document Requests8/24/23 The Day Has Come: The SEC Adopts Private Fund Adviser RulesMeet Your Episode Hosts:Meaghan A. Kelly, Simpson ThacherPartner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations David W. Blass, Simpson ThacherPartner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SECContact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In the latest episode of The Regulatory Roundtable, join us as we take a bird's eye view of the current SEC private funds environment and what's to come. Outlining policy and rulemaking, the increasingly challenging exam program, and the state of play on enforcement, we discuss the return to private funds as a marquee exam and enforcement priority.Meet Your Episode Hosts:Marc P. Berger, Simpson ThacherPartner; former Acting Director and Deputy Director of the SEC's Enforcement Division and Director of the SEC's New York Office; former Chief of the Securities and Commodities Fraud Task Force, U.S. Attorney's Office, SDNY David W. Blass, Simpson ThacherPartner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SECMeaghan A. Kelly, Simpson ThacherPartner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations Michael J. Osnato, Jr., Simpson ThacherPartner and Head of the Firm's Funds Regulatory and Investigations group; former Chief of the SEC's Complex Financial Instruments UnitContact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In this episode we discuss global ESG trends and evolving regulatory frameworks, including the recent increase of proposed legislation in the U.S. concerning ESG investments; the SEC climate disclosure rule proposed on March 21, 2022; and the scope of reporting obligations under the EU Sustainable Finance Disclosure Regulation (SFDR), Corporate Sustainability Reporting Directive (CSRD), and U.K. Task Force on Climate-Related Financial Disclosures (TCFD).Meet Your Episode Four Hosts:Leah Malone, Simpson ThacherPartner and leader of the Firm's Environmental, Social and Governance (ESG) and Sustainability Practice; advises boards, management teams and investors on ESG and sustainability matters from conception through strategic implementation, oversight and reportingMatt Feehily, Simpson ThacherCounsel, Environmental, Social and Governance (ESG) and Sustainability; advises private equity firms, project sponsors, portfolio companies and corporations on the EU and U.K. regulatory frameworks for sustainable finance and ESG disclosures at product, firm and company levelsEmily B. Holland, Simpson ThacherCounsel, Environmental, Social and Governance (ESG) and Sustainability; advises sponsors, companies and financial institutions on policy and business decisions relating to an evolving scope of ESG requirements and expectations in the U.S. and worldwideCarolyn S. Houston, Simpson ThacherCounsel, Private Funds; focuses on a wide array of asset classes, including ESG/impact investing and internal arrangements, as well as infrastructure, buyout, secondaries and co-investmentContact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In this episode we discuss the emergence of new ESMA marketing guidelines; compliance with the SEC's new marketing rule coming into effect November 4, 2022; and key takeaways of interest for sponsors operating in the EU and the U.S.  Meet Your Episode Three Hosts:David W. Blass, Simpson Thacher Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC   Meaghan A. Kelly, Simpson Thacher Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations Owen Lysak, Simpson Thacher Partner; leads the Firm's European financial services and funds regulatory practice, advising private funds and alternative asset managers on complex U.K. and EU financial regulatory matters Contact UsTo learn more, visit us at http://www.regulatoryroundtablepodcast.com/ (www.regulatoryroundtablepodcast.com) and https://www.acaglobal.com/regulatory-roundtable-podcast (www.acaglobal.com/regulatory-roundtable-podcast). If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.  This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.

This episode focuses on the SEC's February 9 proposed rules targeting private equity and private funds; the SEC's January 26 proposed amendments to Form PF; and the Division of Examinations risk alert published January 27. Meet Your Episode Two HostsDavid W. Blass, Simpson Thacher Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC Meaghan A. Kelly, Simpson Thacher Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations Michael J. Osnato, Jr., Simpson Thacher Partner and Head of the Firm's Funds Regulatory and Investigations group; former Chief of the SEC's Complex Financial Instruments Unit Robert Ingwer, ACA Group Principal Consultant, Investment Adviser Division; compliance executive offering over 10 years' experience building, supporting and leading advisory businesses in both private equity and fixed income Contact UsTo learn more, visit us at http://www.regulatoryroundtablepodcast.com/ (www.regulatoryroundtablepodcast.com) and https://www.acaglobal.com/regulatory-roundtable-podcast (www.acaglobal.com/regulatory-roundtable-podcast). If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.  This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.

The first in a series of discussions about complex regulatory, compliance, and enforcement issues at the forefront of industry and regulatory developments, this episode focuses on the SEC's priorities relating to private funds, including SEC Chairman Gary Gensler's recent speech at the ILPA Summit; emerging exam trends including document production, deficiency letters and MNPI concerns; and changes to the exam referral process over the last two years. Meet Your Episode One HostsMarc P. Berger, Simpson Thacher Partner; former Acting Director and Deputy Director of the SEC's Enforcement Division and Director of the SEC's New York Office; former Chief of the Securities and Commodities Fraud Task Force, U.S. Attorney's Office, SDNY Allison Scher Bernbach, Simpson Thacher Senior Counsel, Private Funds; former private equity Chief Compliance Officer; over 20 years of regulatory compliance experience Michael J. Osnato, Jr., Simpson Thacher Partner and Head of the Firm's Funds Regulatory and Investigations group; former Chief of the SEC's Complex Financial Instruments Unit Robert Ingwer, ACA Group Principal Consultant, Investment Adviser Division; compliance executive offering over 10 years' experience building, supporting and leading advisory businesses in both private equity and fixed income Contact UsTo learn more, visit us at https://www.stblaw.com/regulatory-roundtable-podcast (https://www.stblaw.com/regulatory-roundtable-podcast) and https://www.acaglobal.com (https://www.acaglobal.com). If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.

https://www.stblaw.com/ (Simpson Thacher) and https://www.acaglobal.com/ (ACA Group) invite you to The Regulatory Roundtable, a quarterly podcast series offering insight from leading regulatory and enforcement lawyers and compliance specialists. With increased regulatory scrutiny from the SEC and other agencies, staying on top of regulatory trends has never been more important. This podcast will take you behind the scenes on important policy, exam and enforcement issues affecting funds and the asset management industry. Each episode will feature leading lawyers and compliance specialists with deep knowledge of the funds regulatory landscape who will explore today's most complex regulatory and compliance issues. We look forward to having you join us at the table. The Regulatory Roundtable. This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.