The Regulatory Roundtable Simpson Thacher

In the latest episode of The Regulatory Roundtable, co-produced with Simpson Thacher’s The Funds Channel, we discuss the SEC’s focus on artificial intelligence, including in exams and the recent settlements with two investment advisers in connection with their statements regarding their use of artificial intelligence, and considerations for looking ahead.
Episode Resources:5/2/24 SEC Examination Lessons Learned During the Biden/Gensler Era and Looking Ahead
4/18/24 Compliance Policies Update Hot Topics
3/19/24 SEC Fines Two Investment Advisers for “AI Washing” 
11/1/23 White House Issues Landmark Executive Order on Artificial Intelligence
Meet Your Episode Hosts:Shannon M. O'Sullivan
Partner; host and moderator of The Funds Channel; concentrates on the formation and operation of a diverse platform of private funds
Meaghan A. Kelly, Simpson Thacher
Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations 
Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 
This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

This episode focuses on the SEC’s new and amended rules targeting private fund advisers, which were adopted on August 23. In addition to reviewing the rules’ requirements—including some significant modifications from the rules that were proposed in February 2022—we discuss our expectations for fund advisers under the new rules and the ongoing litigation challenging them, as well as exam and enforcement observations.
Episode Resources:9/12/23 SEC Marketing Rule Settlements Total 10 Before One Year Anniversary of Compliance Date
9/11/23 SEC Division of Examinations Releases Process-Focused Risk Alert—Exam Selection and Typical Categories of Document Requests
8/24/23 The Day Has Come: The SEC Adopts Private Fund Adviser Rules
Meet Your Episode Hosts:Meaghan A. Kelly, Simpson Thacher
Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations 
David W. Blass, Simpson Thacher
Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC
Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 
This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In the latest episode of The Regulatory Roundtable, join us as we take a bird’s eye view of the current SEC private funds environment and what’s to come. Outlining policy and rulemaking, the increasingly challenging exam program, and the state of play on enforcement, we discuss the return to private funds as a marquee exam and enforcement priority.
Meet Your Episode Hosts:Marc P. Berger, Simpson Thacher
Partner; former Acting Director and Deputy Director of the SEC’s Enforcement Division and Director of the SEC’s New York Office; former Chief of the Securities and Commodities Fraud Task Force, U.S. Attorney’s Office, SDNY 
David W. Blass, Simpson Thacher
Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC
Meaghan A. Kelly, Simpson Thacher
Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations 
Michael J. Osnato, Jr., Simpson Thacher
Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit
Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 
This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher. 

In this episode we discuss global ESG trends and evolving regulatory frameworks, including the recent increase of proposed legislation in the U.S. concerning ESG investments; the SEC climate disclosure rule proposed on March 21, 2022; and the scope of reporting obligations under the EU Sustainable Finance Disclosure Regulation (SFDR), Corporate Sustainability Reporting Directive (CSRD), and U.K. Task Force on Climate-Related Financial Disclosures (TCFD).
Meet Your Episode Four Hosts:Leah Malone, Simpson Thacher
Partner and leader of the Firm’s Environmental, Social and Governance (ESG) and Sustainability Practice; advises boards, management teams and investors on ESG and sustainability matters from conception through strategic implementation, oversight and reporting
Matt Feehily, Simpson Thacher
Counsel, Environmental, Social and Governance (ESG) and Sustainability; advises private equity firms, project sponsors, portfolio companies and corporations on the EU and U.K. regulatory frameworks for sustainable finance and ESG disclosures at product, firm and company levels
Emily B. Holland, Simpson Thacher
Counsel, Environmental, Social and Governance (ESG) and Sustainability; advises sponsors, companies and financial institutions on policy and business decisions relating to an evolving scope of ESG requirements and expectations in the U.S. and worldwide
Carolyn S. Houston, Simpson Thacher
Counsel, Private Funds; focuses on a wide array of asset classes, including ESG/impact investing and internal arrangements, as well as infrastructure, buyout, secondaries and co-investment

Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 
This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In this episode we discuss the emergence of new ESMA marketing guidelines; compliance with the SEC’s new marketing rule coming into effect November 4, 2022; and key takeaways of interest for sponsors operating in the EU and the U.S. 
Meet Your Episode Three Hosts:David W. Blass, Simpson Thacher
Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC
 
Meaghan A. Kelly, Simpson Thacher
Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations
Owen Lysak, Simpson Thacher
Partner; leads the Firm’s European financial services and funds regulatory practice, advising private funds and alternative asset managers on complex U.K. and EU financial regulatory matters
Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com and www.acaglobal.com/regulatory-roundtable-podcast. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 

This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.

This episode focuses on the SEC’s February 9 proposed rules targeting private equity and private funds; the SEC’s January 26 proposed amendments to Form PF; and the Division of Examinations risk alert published January 27.
Meet Your Episode Two HostsDavid W. Blass, Simpson Thacher
Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC
Meaghan A. Kelly, Simpson Thacher
Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations
Michael J. Osnato, Jr., Simpson Thacher
Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit

Robert Ingwer, ACA Group
Principal Consultant, Investment Adviser Division; compliance executive offering over 10 years’ experience building, supporting and leading advisory businesses in both private equity and fixed income

Contact UsTo learn more, visit us at www.regulatoryroundtablepodcast.com and www.acaglobal.com/regulatory-roundtable-podcast. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com. 

This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.