Real estate fund managers were among the myriad private fund advisers affected by changes to the SEC’s registration requirements under the Dodd-Frank Act in 2011. In the lead-up to the Dodd-Frank registration deadline in March 2012, and for many months thereafter, newly-registered fund managers faced numerous challenges when confronted with the reality of implementing an effective compliance program. Following the SEC’s recently announced expansion of its exam program to focus on real estate fund managers, managers should now prepare for those programs to be put to the test — not just on paper but in practice.

Click here to read this article, in which SRZ attorneys outline some of the common compliance concerns real estate fund managers may face as the SEC turns its attention to the real estate sector.