• Many of Dechert’s financial services group lawyers have years of experience as regulators, having held key posts at the U.S. Securities and Exchange Commission (SEC), UK Financial Services Authority (now Financial Conduct Authority), UK Personal Investment Authority and the U.S. Office of the Comptroller of the Currency (OCC). Several Dechert alumni are now with key regulators, including the SEC. For specialist expertise and insights, we access our own Dechert network.

    The team also has close relationships with important trade associations and other groups that represent funds, fund managers and fund directors. These groups include the Alternative Investment Management Association (AIMA), where we have representatives on at least 30 of its expert working groups), the Investment Association (IA), Investment Company Institute (ICI), Independent Directors Council (IDC), Mutual Funds Directors Forum (MFDF), British Private Equity & Venture Capital Association (BVCA), Bank Administration Institute (BAI), Association of the Luxembourg Fund Industry (ALFI), Luxembourg Private Equity and Venture Capital Association (LPEA), European Fund and Asset Management Association (EFAMA) and Managed Funds Association (MFA). 

  • SEC enforcement investigations and actions often grow out of examinations conducted by the SEC’s Division of Examinations (EXAMS). There is close collaboration and coordination between the SEC’s Enforcement Division and EXAMS, particularly among the Enforcement Division’s Asset Management Unit, EXAMS’s Investment Adviser/Investment Company Group, and the SEC’s Division of Investment Management.

    SEC-regulated entities consistently turn to Dechert to help navigate the examination process and to provide strategic guidance from beginning to end. Just as SEC examiners will draw on the expertise of other SEC Divisions across the Commission, Dechert draws on the legal, regulatory, and enforcement expertise that exists across its industry-leading practice groups to advise clients during the exam process. Dechert has a proven track record of heading off enforcement referrals and investigations arising from examinations by adeptly addressing and responding to exam findings and deficiencies.

    Our team tracks and responds to the latest developments and EXAMS priorities, which often parallel the SEC’s other regulatory initiatives. Recent examinations have focused on a variety of issues, including fiduciary obligations, compliance programs, marketing practices, custody, compensation arrangements, asset valuation, protection of client information, due diligence practices, management of conflicts of interest, and reporting obligations. We have a long history of success in guiding investment advisers, registered investment companies, and broker-dealers throughout the process.