Brian Daly Quoted by Hedge Fund Law Report on Monitoring for Form PF Trigger Events

For its article “Form PF Current Reports: Monitoring for Trigger Events (Part One of Two),” Hedge Fund Law Report quoted Akin investment management & private equity partner Brian Daly. The article looks at new requirements for large hedge fund managers to file current Form PF report no later than 72 hours after designated events occur. This first article in a two-part series discusses the challenges hedge fund managers face in monitoring for current events and the approaches managers have taken for this task.

A few highlights:

• Brian said, “Many of these triggers are subjective and require effective understanding of some fairly technical legal concepts by nonlegal, noncompliance professionals in the firm – and effective communication from those people when triggers happen. So, the risk and uncertainty overhang is much greater than advertised.”
• Brian noted that the tight filing deadline of no more than 72 hours after a trigger event has happened makes it critical for an investment adviser to know exactly when a trigger has occurred and the reporting clock has started to run.
• “The key is the educate staff on the trigger events and the importance of timely reporting of such events – in short, to create an ‘if you see something, say something’ climate,” said Brian.

To read the full article and all of Brian’s observations, click here.