Tony is special regulatory counsel in the Corporate Department and a member of the Private Funds Group and the Private Equity & Hedge Fund Litigation team. His practice focuses on advising U.S. and offshore private fund managers on all aspects of federal, state and SRO organizational and operational compliance, with a specific emphasis on the Investment Advisers Act of 1940.
Tony assists U.S. and offshore private fund clients in registering with the SEC as investment advisers, or reporting as exempt reporting advisers, and complying with CFTC and various U.S. state registration and notice-filing requirements. He also assists on structuring fundraising transactions to comply with the U.S. offering exemptions available under Regulation D and Regulation S.
Tony proactively monitors the evolving regulatory landscape and counsels clients on practical industry approaches to compliance and how anticipated trends in agency rulemaking and staff expectations may affect their operations. He counsels clients on the establishment, implementation and evaluation of regulatory programs required under the Investment Advisers Act of 1940. In addition to compliance manuals and codes of ethics, Tony assists on the creation and maintenance of various operational-level compliance policies and procedures in areas such as investment and expense allocation policies, investment valuation procedures, cybersecurity policies, and business continuity and transition plans.
As clients’ investment management practices mature, Tony advises on the regulatory aspects of transactions involving divestments, mergers and acquisitions of investment managers and fund complexes. This includes coordinating and amending applicable regulatory filings and assuring that client consent requirements are evaluated and compliant.
As a member of the Private Equity & Hedge Fund Litigation team, Tony has advised clients on responses to inquiries and investigations from federal and state regulatory agencies on various regulatory matters, including the Investment Advisers Act’s pay-to-play and custody rule requirements.
Tony has authored and co-authored numerous articles on various regulatory matters affecting private fund sponsors, including several published in the Hedge Fund Law Report, Private Funds Management, Compliance Week, VC Experts and Law360.
Prior to joining Proskauer, Tony served as an associate director of the Massachusetts Securities Division and was appointed as a Special Assistant Attorney General in the Commonwealth of Massachusetts. Between 2008 and 2013, Tony was an adjunct professor in the Law, Taxation and Financial Planning Department at Bentley University in Waltham, where he developed and taught a course focusing on application of the Securities Act of 1933 and the Securities Exchange Act of 1934.
More Legal and Business Bylines From Anthony M. Drenzek
- U.S. Supreme Court Denies Bid to Review Dismissal of Challenge to Pay-To-Play Rule - (Posted On Thursday, February 27, 2020)
- SEC Announces the Formation of Asset Management Advisory Committee - (Posted On Wednesday, November 06, 2019)
- New York Establishes Six-Year Statute of Limitation for Prosecution of Claims under the Martin Act - (Posted On Monday, October 07, 2019)
- Proposed Senate Bill Would Significantly Impact Certain Private Funds and Their Affiliates - (Posted On Wednesday, September 04, 2019)
- DC Circuit Opinion Reaffirms Fiduciary and Disclosure Obligations of Advisers While Rejecting SEC Finding of “Willful” Violations - (Posted On Monday, May 13, 2019)
- The Top Ten Regulatory and Litigation Risks for Private Funds in 2019 - (Posted On Wednesday, February 20, 2019)
- Regulatory Scrutiny of the ICO Market – What Fund Managers Should Know - (Posted On Monday, April 30, 2018)
- SEC Settles with Private Equity Fund Adviser over Alleged Conflicts of Interest - (Posted On Thursday, April 26, 2018)
- SEC Staff Issues Risk Alert on the Six Most Frequent Fee and Expense Compliance Issues - (Posted On Thursday, April 19, 2018)
- SEC Staff Announces 2018 OCIE Examination Priorities - (Posted On Tuesday, February 20, 2018)