SEC examiners require access to records to determine whether a hedge fund adviser is meeting its fiduciary obligations to a private fund under the Advisers Act and rules. The books and records of a registered hedge fund adviser include records of the private funds for which the adviser acts as investment adviser and the adviser or a related person acts as general partner, managing member or in a similar capacity.

In February 2006, Hedge Fund Advisors were required to comply with SEC Rule 203(b)(3)-2. In accordance with the "written communications" rules under the Investment Advisors Act, Hedge Funds were advised to retain all internal and external email and IM business communications.

Helpful Links:

Documentation on 203 (b) (3) - 2

Related Products:

Smarsh Email Archiving

Virtual Compliance Officer

Smarsh Instant Messenger

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Smarsh, Inc. assumes no liability for the accuracy or completeness of this information. Please consult with an attorney for specific information on specific rules and regulations and how they apply to your business.

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Smarsh� offers industry-leading email archiving & regulatory compliance services for Exchange, Lotus Notes, GroupWise and SMTP, enabling companies to meet growing litigation readiness, compliance, and corporate governance needs. Smarsh� provides a common interface for e-mail, instant message ( im ), and file / document discovery which simplifies electronic records retrieval, classification, review, policy management and legal document production. Suitable for the securities, hedge fund, accounting, and healthcare industries, Smarsh � offers a proven email archive solution for compliance with SEC, FINRA (NASD / NYSE), GLBA, HIPAA, FRCP, FERC & Sarbanes Oxley regulations. smarshCRM is offered through Smarsh CRM Services, Inc.