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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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November 13, 2025
Inbound Know Your Customer (KYC) requests for private fund managers have long been a tedious, unpredictable, and resource-draining reality. Responding to endless questionnaires, collecting organizational documents, and coordinating with counterparties consumes valuable time that could be spent on strategic work. Ontra’s new KYC service changes that. By fully outsourcing the KYC process to Ontra’s experienced
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November 13, 2025
For private fund managers, global operations include a repetitive and unpredictable operational burden: fulfilling inbound Know Your Customer (KYC) requests. Because regulated counterparties — including banks, fund administrators, and lenders — must perform due diligence on the fund manager, the fund repeatedly produces its core documentation, often in slightly different formats. Completing third-party KYC requests
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October 06, 2025
Compliance with the SEC’s reformed Marketing Rule (Rule 206(4)-1) became mandatory on November 4, 2022. Despite a lengthy lead time, many registered investment advisers struggled to comply with the rule’s requirement to include net performance alongside any gross performance advertisement. The staff of the Division of Investment Management issued updated FAQs on March 19, 2025,
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September 26, 2025
We’ve summarized key SEC filing and reporting obligations for private funds.
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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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August 07, 2025
Private equity chief compliance officers are under unprecedented pressure amidst intense regulatory scrutiny, continued reliance on legacy tools and manual processes, and the potential reputational and financial consequences of compliance failures. Administering compliance programs for private equity firms is especially complicated because there is no one-size-fits-all solution. Investment advisers registered with the SEC must have
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July 07, 2025
As you step into a new chief compliance officer (CCO) role, you know you have your work cut out for you. Regardless of your path to the role, whether through a promotion or by joining a new private equity firm, it’s crucial you start strong and hit the ground running. What does that look like?
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May 01, 2025
Private fund advisers are always anticipating their next SEC examination. The SEC’s Division of Examinations (the “Division”) oversees the SEC’s National Exam Program with the goals of improving compliance, preventing fraud, monitoring risk, and informing policy. Each year, the Division publishes its exam priorities to prepare advisers, but the specific application of most rules is
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February 07, 2025
In recent years, uncertainty and increased regulatory scrutiny have been ongoing themes for private fund managers. Now, the new administration and the likelihood of deregulation have added unpredictability to firms’ ongoing operational and compliance challenges. The latest expectation is that the Trump administration will drive deregulation across the board, increasing uncertainty and the regulatory gap