Richard A. Tulli recently contributed to an article titled "Are Hedge Fund Managers Required to Disclose the Existence or Outcome of Regulatory Examinations to Current or Potential Investors?" in The Hedge Fund Law Report.
Mr. Tulli comments, "…governing documents or the investment management agreement of a hedge fund typically do not require the hedge fund adviser – which may be the general partner – to disclose any regulatory examination or deficiency letter to investors. It is not unusual, however, for the adviser to be contractually obligated to disclose any SEC investigation that is not a regular or periodic examination and any SEC proceeding involving the adviser." Subscribers may view Mr. Tulli's full commentary here.
Mr. Tulli is part of Gardere's Corporate Practice Group in the Dallas office and a member of the Securities Practice Group. He has more than 30 years of experience working on various corporate and securities matters for private and public companies, boards of directors and board committees, executive officers, shareholders, private equity and venture capital firms, institutional investors, investment managers and sponsors of private investment funds.