Julia D. Corelli Quoted in Hedge Fund Legal and Compliance Digest Article, 'Understanding the Practical Operational and Legal Implications of Offering Managed Accounts'
Julia D. Corelli, a partner with Pepper Hamilton’s Corporate and Securities Practice Group and a co-chairs of its Funds Services Group, was quoted in the January 5, 2017 Hedge Fund Legal and Compliance Digest article, "Understanding the Practical Operational and Legal Implications of Offering Managed Accounts."
Julia Corelli, a partner and co-chair of the Funds Services Group at Pepper Hamilton, explained that managers must also comply with state securities laws registration requirements. "The account will count as a client for Advisers Act purposes. This is not usually a problem for the manager because if they are big enough they are already registered. An SMA can create problems for managers under state securities laws because they are likely treated as a separate client and could cause the manager to exceed the number of clients allowed without registration under the state adviser registration regime. The manager will then be required to meet the various obligations under state laws."