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Policy Update: The Impact of the SEC Rulemaking on LP Programs

Workshop Times

  • 9:00 AM - 10:15 AM
  • 10:45 AM - 12:00 PM

Description

Join Igor Rozenblit, founder and Managing Partner of Iron Road Partners and former co-head of the SEC Examinations Division’s Private Funds Unit, and ILPA’s Managing Director Jen Choi for a discussion on the SEC’s proposed rules for private funds. The proposals encompass a host of proposed requirements and prohibitions touching quarterly fee and performance disclosures, side letters, fiduciary duty, adviser-led secondaries and fund audits, among others. Igor and Jen will unpack the potentially wide-ranging impact of the proposals on fund documents, economics and GP practices as well as the proposals’ prospects for final implementation.

Institutional Limited Partners Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org

Igor Rozenblit

Managing Partner, Iron Road Partners

Igor is a leading expert in financial regulation who helped shape the U.S. Securities and Exchange Commission’s regulatory approach to the private capital markets. Igor focuses on helping clients successfully navigate a broad range of challenges stemming from regulatory examinations, investigations, litigation, disputes and other crisis scenarios. Igor’s unique combination of investing experience, due diligence expertise and decade of service as the SEC’s primary private markets expert allows him to provide insightful and practical guidance to clients grappling with complex regulatory and operational issues. While at the SEC he held various leadership positions including, Fellow in the Division of Enforcement’s Asset Management Unit, founder and co-head of the Division of Examinations’ Private Funds Unit and co-lead for the agency’s inter-divisional Private Fund Specialized Working Group. Igor completed and supervised more than 250 examinations and dozens of enforcement investigations resulting in many seminal enforcement actions. His significant docket of cases, investigations and examinations included issues related to breaches of fiduciary duty, violations of the Investment Advisers Act’s anti-fraud provisions, valuation, fee and expense allocation, fund restructurings, stapled secondary transactions, manipulated auctions, insourcing, real estate/real assets issues, carried interest calculations, co-investment policies, private credit conflicts, related party transactions, cap table manipulation, structured products, ESG, Business Development Companies and Real Estate Investment Trusts. Igor trained SEC staffers, including examiners, investigators and rule makers on the private markets and provided training outside the agency including to FBI agents, IRS agents, prosecutors from the Department of Justice and examiners from the Small Business Administration. Before joining the SEC, Igor held various senior investment roles. He headed the North American private market investment activities for Amundi Asset Management where he invested in and performed due diligence on hundreds of private equity investment managers. Before Amundi, Igor was a private equity investment professional completing equity, debt and structured investments in healthcare and industrial companies. Igor holds a Master of Business Administration with Honors from the University of Chicago’s Booth School of Business and a Bachelor of Science in Computer Science from the University of Michigan. He is a frequent speaker at industry conferences including the Practicing Law Institute, SuperReturns, Private Equity International, Pension Bridge, GAIM Ops, Managed Fund Association, Association of Corporate Growth, SIFMA and the Investment Adviser Association.