Upcoming SEC Certification Requirements for Officers/Directors of Private Funds and New Quarterly De
In July of 2013, the U.S. Securities and Exchange Commission (“SEC”) adopted a “bad actor” provision to be added to Rule 506 of Regulation D. These amendments are aimed at disqualifying securities offerings involving certain “felons and other bad actors”. The change potentially affects all hedge fund directors and/or any “Covered Person,” as each such person is advised to make a certification of compliance to the SEC. Covered Persons include, among others, directors, executiv