The US Private Real Estate Fund Compliance Guide by Lerner, Charles -- Read -- Imperial Library of Trantor

Index

Cover Title Copyright Contents Introduction Section I: Regulations

1 SEC registration for private real estate advisers

Introduction Are you an investment adviser? What is a security? Exclusions and exemptions Private funds State registration Form ADV Should you register as an investment adviser?

2 Form ADV Parts 1 and 2

Introduction Preparing to file Form ADV – IARD entitlement Registration thresholds Part 1A of Form ADV Part 2A of Form ADV

3 Marketing, advertising and fund solicitations for private real estate fund advisers

Introduction The Advisers Act Other US regulatory considerations Conclusion

4 The EU AIFMD and its impact on private real estate fund managers outside the EU

Scope of the Directive Timing Marketing funds in the EEA Reporting to investors in the EEA Reporting to regulators in the EEA Acquiring control of companies in the EEA More extensive provisions applicable to EEA fund managers Proposed future application of broader provisions to non-EEA fund managers Conclusion

5 Form PF: Private real estate fund impact assessment

Background Overview of Form PF Impact of Form PF on real estate fund advisers Solution design Conclusion

Appendix: Summary of Form PF requirements

6 Custody

Introduction Definition of custody The audited fund exception Requirements when custody is present Additional compliance considerations

7 Foreign Corrupt Practices Act

Introduction The FCPA Risks for private real estate funds Suggested practices for private real estate funds Conclusion

Section II: After registering and beyond

8 Setting up a compliance program

Introduction Specific compliance issues Code of ethics Further topics Recent enforcement actions

Appendix I: Compliance manual checklist Appendix II: Code of ethics checklist

9 Identifying and managing conflicts of interest in private real estate funds

Introduction Legal and regulatory requirements Discussion of certain potential conflicts of interest Conclusion

10 Compliance for multi-strategy private real estate firms

Introduction Direct investments in real property Private real estate debt Public REITs Collateralized mortgage-backed securities and collateralized mortgage obligations Cross-strategy compliance issues Conclusion

11 Creating and maintaining books and records

Introduction Required books and records Books and records that are not required Form, storage and duration requirements Recommended practices for a compliant regime Electronic books and records Emerging books and records issues

12 Selecting and managing service providers

Introduction Considerations for selecting a service provider Request for proposal Evaluating a service provider Managing the relationship Conclusion

13 Valuation and pricing for private real estate

Introduction Regulatory requirements and accounting standards Valuation methodologies and considerations Processes and controls Conclusion

14 Limited partner advisory committees

Introduction Composition Member duties and indemnification Responsibilities Operational issues Conclusion

15 SEC examinations of private real estate fund advisers

Introduction Legal and regulatory requirements Overview of SEC examinations Areas of examination focus Conclusion

About PEI Back Cover