Wed, 14/08/2013 - 14:34
ALPS Fund Services, a provider of administration services to the alternative asset management industry, has expanded its broker/dealer solution to service private funds through ALPS Distributors.
The expanded service will provide an avenue for private fund managers to navigate the rules and regulations regarding the sale of private placements.
In recent months, the SEC examination staff has increased its focus on private fund advisors as was noted in a 5 April 2013 speech given by David Blass, chief counsel, division of trading and markets: “I would like to be sure that the private fund adviser community is not overlooking a significant area of concern under the Securities Exchange Act of 1934 — activity that could cause a private fund adviser to be required to register as a broker-dealer… This is an issue that warrants some attention before examiners arrive.”
In response to SEC comments on the subject, targeted exams and several recent enforcement actions, private fund managers have been forced to evaluate registration requirements and review internal compliance policies and procedures.
“As a top ranked hedge fund administrator and one of the largest 3rd party broker/dealers in the industry, ALPS is uniquely positioned to provide broker/dealer solutions to private funds,” says Jeremy May (pictured), president of ALPS Fund Services.
ALPS’ experts currently administer over 500 registered representative licenses, manage over 8,000 selling agreements, and review approximately 3,000 advertising pieces every quarter.
The service offering will include fund advertising and sales literature review with real-time online status updates through ALPS’ proprietary advertising review system.
ALPS will also maintain and supervise FINRA registrations for licensed individuals, including the coordination of continuing education requirements. ALPS will educate advisers on broker-dealer regulations and guidance, provide supervisory review of registered representative communications and sales activity and can also provide AML review when needed.
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