Legal, Compliance & Risk
Changing laws & regulations will be biggest risk to managers in 3 years
Dec 3, 2024: Changing laws & regulations will be biggest risk to managers in 3 years, according to the latest NAREIM Member Survey on internal audit practices. Managers argue that changing market conditions and organizational governance and reporting will be the second and third biggest areas of concerns.
Managers will have to open data rooms, disclose all fee breaks to all LPs
Nov 10, 2023: Managers could soon have to open their data rooms to every investor – and reveal every fee break given to any LP – under the SEC’s new private funds rules. The impact? LPs may delay committing until a second close. Read the key takeaways from NAREIM’s Legal, Compliance & Risk meeting.
Staffing and resourcing for compliance
Nov 8, 2024: How do you weigh internal compliance functions against outsourcing? What are real estate investment managers doing today - and how are they utilizing AI to help their roles? Cabot, Unico and Broadshore share their experiences in the fall 2024 edition of NAREIM Dialogues.
CTA filings: About a third of firms doing in-house, with nearly half tasking their Legal teams with completion
April 24, 2024: About a third of firms are doing CTA filings in-house, with nearly half tasking their Legal teams with completion, NAREIM members shared during the Legal, Compliance & Risk virtual meeting.
Don't stop work on deal-level net returns. SEC focus on net returns and subs line is "here to stay" under Trump administration
Nov 8, 2024: SEC's Marketing Rule - and focus on deal-level net returns and impact of subs lines - is "here to stay", even though all investment managers expect SEC activity to decline under a second Trump administration. Read the takeaways from the NAREIM Legal, Compliance & Risk meeting held in NYC this week.
Enforce penalties for texting, especially among deal and IR teams
Nov 10, 2023: Managers need to train teams "like there’s no tomorrow” and start enforcing penalties for texting and other off-channel conversations. Every GP has to sit up and pay attention or face potential SEC action, NAREIM's Legal, Compliance & Risk meeting heard.