Experience

- A number of investment management firms on pre-SEC examination and compliance issues.
- A private equity firm in an SEC investigation relating to “zombie” funds.
- A number of private equity firms in U.S. federal and state investigations concerning the use of placement agents.
- One of the founders of a large hedge fund in a criminal insider trading investigation being conducted by the SEC and the U.S. Attorney’s Office in Manhattan.
- A private equity firm's portfolio company in an SEC investigation relating to valuation of a CDO by a subsidiary prior to its acquisition.
- An investment adviser in an SEC investigation arising from an inspection relating to allocation of IPOs and other investment opportunities across managed accounts and funds.
- A number of private equity firms in analyzing the litigation and FCPA risks associated with potential acquisitions and investments.
- A private equity firm and a portfolio company in SEC comments concerning auditor independence issues.
- Regular advice to private equity firms on matters involving the FCPA, including a private equity subsidiary of a leading global financial institution in conducting an internal review of portfolio companies to identify potential anti-corruption compliance issues and to recommend internal compliance changes to enhance prevention detection and remediation of potential issues.
- A non-U.S. hedge fund in an SEC investigation concerning insider trading.
- The independent directors of funds advised by two mutual fund advisers in various matters, including advice on issues arising under the Investment Company Act of 1940 and the Investment Advisors Act of 1940, and in civil litigation.
- Successful defense of a hedge fund managing director in an SEC insider trading investigation involving PIPEs transactions.
- Successful defense of a managing director of a private equity firm in an SEC insider trading investigation relating to the acquisition of a portfolio company.
- A hedge fund and its founders in an SEC investigation relating to financing arrangements with small cap companies.
- Regular advice and training to hedge funds and private equity firms concerning the application of the insider trading laws.
- An investment management firm in an SEC inquiry relating to foreign exchange transactions.
- A private equity firm and its portfolio company in discussions with the company’s auditors and the SEC concerning a restatement.
- A leading investment management firm in a non-public investigation by the SEC.
- A leading investment bank in a Sarbanes-Oxley whistleblower claim that settled favorably following two weeks of hearings.

With its deep roster of former SEC senior officers and experienced practitioners, Debevoise’s Asset Management Enforcement Defense & Examination Counseling Group offers unrivaled market-leading expertise across a broad range of securities-related enforcement, examination, and compliance issues. With a combined more than 50 years of experience at the highest levels of the SEC, the Debevoise team has an unparalleled, comprehensive understanding of the SEC’s asset management-related enforcement and examination programs. Associates in the Group are specifically trained on asset management compliance and enforcement issues to ensure that all lawyers touching a matter have a deep industry understanding. In addition, we regularly partner with our colleagues in Debevoise’s market-leading Private Investment Funds and Investment Management Group, thereby ensuring that the Group is on top of all aspects of the marketplace and anticipates changes in market practices, offering clients a significant advantage when they face regulatory scrutiny. The Group counsels clients on requirements affecting SEC-registered investment advisers to hedge funds, private equity funds, separately managed accounts, mutual funds, BDCs, and other investment companies. Among many other issues, the Asset Management Enforcement Defense & Examination Counseling Group has advised clients – in both pre-regulatory/internal investigations and exam and high-stakes enforcement contexts – on valuation, fees, expense allocation practices, performance, cross trades, best execution, soft dollars, conflicts of interest, governance, 15(c) process, insider trading, FCPA, cherry-picking, market manipulation, advertising, offering and financial frauds, and Dodd-Frank and SOX whistleblower issues. The Group also regularly guides clients through compliance training and reviews. Debevoise counts among its partners Robert B. Kaplan and Julie M. Riewe, former Co-Chiefs of the SEC Division of Enforcement’s Asset Management Unit, who supervised nearly 80 attorneys, former industry professionals, and other staff in all 12 of the SEC’s offices; Kristin Snyder, former Deputy Director of the Division of Examinations at the SEC, who, among other responsibilities, helped oversee the more than 1,000 employees in the Division and established and lead the Division’s Private Funds Unit; and Jonathan R. Tuttle, who has been named to Securities Docket’s “Enforcement 40,” a list of the 40 leading securities enforcement defense attorneys.

Asset Management Enforcement and Examinations

Experience