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March 24, 2026
A softer enforcement posture from the SEC doesn’t mean your compliance program can afford to stay the same. GCs, CCOs, and COOs at private funds have spent the last several years managing a tightening vise: more investor obligations, more complex side letters, more aggressive SEC scrutiny, and a compliance function that was never fully resourced
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September 19, 2025
Form PF has been around for well over a decade. However, ongoing amendments to the reporting form for private fund advisers have made compliance a moving target. Form PF is a confidential reporting form that private fund advisers file with the SEC to help regulators monitor systemic risk in U.S. financial markets. Multiple rounds of
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September 11, 2025
As of this writing, the Corporate Transparency Act (CTA), legislation that passed with bipartisan support and was enacted on January 1, 2021, still languishes in limbo. Intended as a tool to fight money laundering, terrorism funding, and the use of shell companies for tax evasion, it was initially supposed to apply to every LLC, LP,
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January 21, 2025
A new administration beginning in 2025 will likely change the SEC’s rulemaking and enforcement posture, but private fund managers are still preparing for the current SEC exam priorities. Whatever the future holds, continued preparedness, diligence, and agility will be needed. In 2024, the SEC focused heavily on “sweeps” to identify and penalize firms that were
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October 01, 2024
The Corporate Transparency Act’s (CTA) deadline is approaching quickly. You must file Beneficial Ownership Information (BOI) reports by January 1, 2025, for any non-exempt entities formed prior to January 1, 2024. You have one quarter left to finish your legal analysis, compile your beneficial ownership information, and file your reports with FinCEN. There’s no time
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June 25, 2024
While the Fifth Circuit’s decision invalidating PFAR offers some relief, all signs point to continued SEC scrutiny of private funds.
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June 17, 2024
The Financial Crimes Enforcement Network (FinCEN) implemented reporting requirements under the Corporate Transparency Act (CTA) on September 30, 2022 (“Final Rule”). Since then, private capital market firms have been assessing the new requirements, their legal entities, and their entity management processes. Right now, many firms are relying heavily on decentralized information and manual processes, leading
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June 13, 2024
On June 5, 2024, a three-judge panel on the U.S. Court of Appeals for the Fifth Circuit unanimously voted to vacate the SEC’s Private Fund Adviser Rules (PFAR). No part of PFAR will go into effect, and private fund managers no longer need to prepare for the September 14, 2024 and March 14, 2025 compliance
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March 22, 2024
Insight by Ontra can help private fund advisers overcome implementation issue with the SEC’s Preferential Treatment Rule.
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March 01, 2024
On February 8, 2024, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) concurrently adopted amendments to Form PF, the confidential reporting form for many SEC-registered private fund advisers. The most recent changes to Form PF The essentials Once in effect, advisers must report additional information about themselves and their private
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February 01, 2024
Learn how GPs can prepare for the regulatory scrutiny on fee and expense provisions in side letters.