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FAQ

FAQ.

What distinguishes your firm from other compliance firms?

Simon Compliance is a boutique firm and we are proud to offer carefully tailored, well-reasoned advice in the context of securities compliance.With decades of hands-on experience, speaking engagements and publications to our name, we are experts in private equity funds, real estate funds, hedge funds, venture capital funds and investment advisory firms.That expertise, and a collaborative approach, means we work with you to build your compliance program.Our goal is to create a customized compliance solution, educating you and offering practical business advice as it relates to your compliance obligations along the way.

What does a typical engagement look like?

There is no typical engagement, although all of our clients are long-term.We realize that each firm has different needs, and we offer retainer, project and hourly services.Some firms lean on us to supplement their in-house teams, such as by providing day-to-day assistance in addition to the larger annual requirements, while other firms have us do regular annual services.There is no one-size-fits-all solution.We customize our services for your needs.

I don’t see the value in all this paperwork. We are an honest firm, why do we have to spend all this time and money preparing documents that the regulators will just change again in the next six months?

Of course, all regulated firms need to ensure they are in compliance with applicable rules.However, the real value in documenting policies and procedures is to memorialize how your firm works.It is a roadmap that assists in the succession plans and a solid firm culture of compliance.It is also a great marketing tool.Institutional clients are looking for not only a good return, but also a well-run firm with best-in-class internal controls.With customer confidence being bruised due to market declines and financial frauds, a firm that shows it takes internal controls seriously will have an extra edge in marketing.

How do we make sure we are meeting our compliance responsibilities while still running our business?

That’s our job.We provide you with a compliance calendar.We remind our clients about deadlines, changes in the laws, best practices and market pulse.Whether it’s ADV filing time or email review time, we send you emails reminding you of your obligations and provide advice on how to complete the tasks.

What do you mean by market perspective?

We are fortunate to have over 75 clients and are quite familiar with the goings-on of other similarly situated firms.We can tell you what your peers are doing, without disclosing the firm name.If an examination cycle is commencing, or findings are being released, we make sure to share that information with our clients.

Why did you start your firm?

When I was General Counsel and Chief Compliance Officer of Carpe Diem Capital Management, a hedge fund in Chicago, I was surprised that as a former SEC senior attorney and Winston & Strawn attorney, I still felt unprepared for the minutiae of running a compliance program.Whenever I called outside counsel or compliance consultants, I was frustrated, not only with the ensuing bills, but also with the lack of answers I received.I model Simon Compliance on the type of advice, handholding and rates I would have liked when I was in-house.

How long do your engagements generally last?

We are grateful that we’ve continued to work with nearly all of our clients after either completing registration or completing our initial engagement.As we continue to work together, our extensive knowledge of our clients’ businesses, which is solidified in our first few months of working together, means we are able to answer questions immediately and provide an invaluable resource as their businesses grow.

How do you bill?

Not like a lawyer! As a former in-house GC and CCO, I have an aversion to detailed lawyer bills with charges for taxis, printing, food and more.When I started Simon Compliance, I wanted to do it differently.Many of our clients are on monthly or project-based retainers.

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