Pugliese Quoted on Fund Boards Lagging Behind SEC Compliance Deadline

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Pugliese Quoted on Fund Boards Lagging Behind SEC Compliance Deadline

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Partner Domenick Pugliese was quoted on a recent survey of fund board chief compliance officers showing that 90 percent of firms were less than halfway through preparations for the December 2018 compliance deadline of the Securities and Exchange Commission’s (SEC) rule requiring liquidity risk management programs.

Dom said that the work behind creating the risk management programs is outside of a fund board’s traditional duties of monitoring for conflicts of interest, and that fund advisers are frustrated in a SEC mandated program that creates a bureaucracy where none is required.

“It is very troubling for advisers, who don’t see the utility of the rule, and boards, because it is ill-designed to use boards’ expertise in an oversight role,” Pugliese said.

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