SEC Unveils 'Presence Exams' For Hedge Funds

Oct 12 2012 | 12:00pm ET

The Securities and Exchange Commission has given the hedge funds newly under its ambit an idea of what that means.

The regulator told thousands of newly-registered private investment advisers, including hedge and private equity funds, that it had created a new "presence exam" for them. The exams will involve "engaging directly with firms' senior management."

The SEC is planning risk-based exams over the next two years, and will hold meetings and seminars with chief compliance officers. The tests will have three phases, engagement, examination and reporting. They are expected to deal with conflicts of interest, marketing, portfolio management, the safety of client assets and valuation.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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