Litigation Partner Michael Osnato was quoted extensively in a Private Equity Law Report article titled, “Electronic Communications, Cooperation Standards and Other Emerging Trends in the SEC’s Oversight of Private Funds,” which resulted from his participation on a recent Practising Law Institute panel that explored trends in the regulatory oversight of private funds, the SEC’s focus on off-platform communications, potential implications of the SEC’s recent proposed rules and the Commission’s cooperation standards during an examination. With reference to the treatment of personal devices in an SEC investigation, Mike noted that navigating requests for personal devices can be challenging and that the first judgment to make is whether fund managers should check their employees’ personal phones for relevant evidence, even if the SEC has not expressly made that request, lest the SEC view the failure to review devices as impeding its investigative function. He further explained that it can be difficult to persuade employees to provide their phones due to privacy concerns and that legal counsel can help employees navigate the process.
To read the full article, please click here (subscription required).