Services
GAP provides timely, practical answers to the legal and regulatory issues that investment management firms encounter.
Our lawyers have in-house experience taking day-to-day responsibility for the legal and compliance functions at investment management firms.
1. Manage Legal & Regulatory Risk
GAP is available to help you manage legal and regulatory risk with:
Conflicts of Interest: A central focus of investment management regulation is conflicts of interest. We work with you to analyze the relationships among your firm, your investors, and your principals to spot potential conflicts of interest and institute policies and procedures to manage them.
Operating Platforms: Regulators have set detailed expectations for your operating platform, including rules and guidance on trading, recordkeeping, business continuity, and cybersecurity. GAP is available to review and provide advice on how to fill any gaps.
Product Offerings: GAP analysis may include certain legal and regulatory risks presented by the various private investment products you offer.
Investments: GAP is available to assess special legal and regulatory questions your portfolio instruments may present, including whether they:
2. Contracts & Agreements
We have experience negotiating agreements with:
3. Transactions, Investments & Custom Products
At GAP, we structure, negotiate, and facilitate investment transactions and optimize contract terms.
GAP advises clients on a range of complex transactions, including:
4. Fund Formation & Structuring
GAP assists with all aspects of fund formation and product launches, including seed capital arrangements, side letters, and negotiation of sub-advisory, administration, trading, and service provider agreements. Throughout their careers, GAP lawyers have formed a variety of fund structures and types, including registered and non-registered funds and managed accounts.
5. Sales, Advertising & Marketing
Investor letters, presentations and other marketing materials require careful, nuanced review to ensure conformity with regulatory guidelines and best practices. GAP has the industry knowledge and experience to provide thorough, thoughtful and commercial guidance on these sensitive documents.
6. Corporate Governance & Constructivism
Investment managers often seek to enhance the value of their investments by engaging with issuers or shareholders regarding corporate governance, for example, by calling shareholder meetings. We guide you on the ground rules for engaging with issuers and we manage local counsel when the issuer is domiciled in a foreign jurisdiction.
7. Disclosure & Reporting
Drawing on our deep experience in the investment management business, we craft clear and accurate descriptions of your business, investment practices, and operations, suitable for use with clients, prospects, and regulators. We also review your government reporting to confirm that you are capturing required information.
8. Regulatory Compliance
Investment advisers and their employees are subject to extensive regulation in both their professional conduct and their personal lives. GAP helps you draft compliance policies and procedures that reflect industry best practices, customized to address the practical realities of your business.
We have experience developing policies and procedures governing:
Regulatory Examinations: GAP lawyers represent funds and advisers in connection with examinations by the SEC, CFTC, FINRA, NFA, and other US and foreign regulators. We manage your firm’s response, including collection and review of documents, arranging interviews, and interacting with regulatory staff, minimizing disruption to your business.
9. Registration of Your Firm, Principals, and Products
GAP registers advisers, their principals, and their investment products with the SEC and CFTC. We also register broker-dealers and their sales representatives with FINRA and with state regulators. We advise you on best practices for your registration processes, including who and what must be registered, what information to include to ensure accurate and complete filings, and where filings must be made.
10. Business Outside the United States
GAP lawyers routinely work with clients in different jurisdictions (and time zones). We represent firms with operations, funds, and investment strategies outside the US.
We have extensive experience working with local counsel to:
11. Conduct & Respond to Due Diligence
GAP helps managers assess potential business partners, counterparties, service providers, clients, and sub-advisers from legal and regulatory perspectives. GAP’s partners have participated in literally thousands of due diligence meetings with prospective clients, positioning us to help you prepare for due diligence meetings with your prospects.
12. Training for Employees, Vendors & Other Partners
GAP delivers customized live training, webinars, and training videos to familiarize your team with their legal and regulatory responsibilities, as well as your compliance policies and procedures. We also offer testing to help you demonstrate that your team knows what is required of them.