Audelene Gutierrez is an accounting and audit director with more than 15 years of experience, including more than 10 years of experience at Anchin as a member of the Financial Services Practice.
Audelene provides a range of accounting, business and consulting services to her clients. She is responsible for audit engagements for financial services clients with a wide array of investments, including domestic and foreign securities, broker/dealers, private equity firms and funds of funds.
In addition to client responsibilities, Audelene is involved with in-house professional development and training seminars and she mentors staff as part of the firm’s mentorship program and Anchin’s Women’s Initiative Network (AWIN). Audelene is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPA).
- Accounting and Auditing
- Domestic and Foreign Securities
- Fund of Funds
- Financial Services
- Private Equity
- The Private Equity Secondary Market – Has COVID-19 Created a New Buying Opportunity?December 10, 2020
The typical way to invest in private equity is by investing when a fund initially raises capital. However, it is also possible to invest by taking over the position of an existing investor by purchasing the position on a secondary market. Under the right conditions, there can be significant advantages to investing through the secondary market - and the COVID-19 crisis may have created such an opportunity.
- 2020 Financial Services Year-End Tax Planning AlertDecember 8, 2020
As we publish our annual year-end tax planning alert, we are frequently reminded that 2020 is no ordinary year. What began as a normal filing season was extended to July 15, 2020, and came with other ramifications of the COVID-19 pandemic -- quarantine in place, working from home, CARES Act, social and economic turmoil as well as a still-unsettled election and political environment.
- Compliance with Advisers Act Rule 206(4)-2: Combined Financial Statements - What You Need to KnowNovember 4, 2020
Rule 206(4)-2, referred to as the “Custody Rule”, is regarded as an integral component of the Investment Advisers Act of 1940. On October 23, 2020, the Chief Accountant’s Office of the Division of Investment Management released a “Dear CFO Letter” that provides guidance on the use of combined financial statements to comply with the Custody Rule.
- SEC Proposes New Exemption Regarding “Finders” to Benefit Small Issuers and BusinessesOctober 22, 2020
On October 7, 2020, the Securities and Exchange Commission (SEC) issued a Notice of Proposed Exemptive Order Granting Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Finders. This conditional exemptive order would permit persons whose role is to assist issuers by providing capital growth in private markets provided by investors, commonly referred to as “finders”, to engage in specific restricted actions without having to register as broker-dealers.
- What the SEC’s Amendments to the Definition of “Accredited Investor” Mean for YouSeptember 10, 2020
The amendments will now allow individuals possessing a measure of sophistication based on their professional knowledge and expertise, or certifications to qualify. The amendments also expand the list of entities that qualify as accredited investors by allowing any entity that meets an investments test to qualify. The amendments will become effective 60 days after the SEC’s rule release is published in the Federal Register.
- OCIE Risk Alert: How to Avoid Regulatory Backlash During Prolonged Periods of Remote WorkAugust 27, 2020
In its most recent Risk Alert, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) provided guidance on best practices during the prolonged periods of remote work that many firms are experiencing during the COVID-19 pandemic.
- What do the Proposed Carried Interest Regulations Mean for You? August 20, 2020
On July 31, 2020, the Internal Revenue Service (IRS) released proposed regulations (the Proposed Regulations) relating to the scope and applicability of Internal Revenue Code Section 1061. This alert will provide an overview of the Proposed Regulations and how they may affect hedge, private equity and other investment funds.
- The Delaware Supreme Court’s Clarification of Limited Partner Rights to Books and Records, and What It Means for YouAugust 12, 2020
In a recent ruling on the case of Murfey v. WHC Ventures, LLC, the Delaware Supreme Court concluded that a limited partner seeking the books and records of a Delaware limited partnership is not required to show that the materials requested are “necessary and essential” unless those terms are expressly stated in the limited partnership agreement.
- How COVID-19 Impacts Alternative Fund OperationsAugust 10, 2020
COVID-19 has disrupted the alternative assets industry just as it has the rest of the world. Between high market volatility, spooked investors, travel restrictions and rapidly changing government regulation, it certainly is an unusual time to live and to operate in. How have fund managers changed their operations to respond? Preqin recently surveyed alternative fund managers to see what they are doing differently during the COVID-19 pandemic. The survey included hedge funds, private equity funds, venture capital funds, private debt and real estate investors from around the world. Here are some key results.
- OCIE Warns Private Fund Advisers About Common Compliance IssuesJuly 9, 2020
On June 23rd, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert for private fund advisers, including those that manage hedge funds or private equity funds. The report cautioned about common compliance issues that increase fees for investors and put them at risk. OCIE broke these issues down into three categories.
- Key Insights for Fund Managers on Raising Capital in the Current ClimateJune 22, 2020
While raising capital for hedge funds has always been a challenge, the COVID-19 pandemic has made doing so even more difficult. New limits on travel and face-to-face contact are making it difficult to reach investors and complete the required due diligence for fundraising. In this article, we look at how investor expectations have changed in this new environment, and what managers can do to meet these challenges.
- Which Hedge Funds Strategies Performed Best During the Recent Financial Crisis?June 12, 2020
The immediate shock of the COVID-19 crisis sent markets tumbling. In this tough environment, the defensive strategies of hedge funds revealed their value. We looked at the results to see how the industry did overall, along with the fund strategies that performed best during these unusual conditions.
- Guidance on Cyber Threats to Private Equity and Hedge FundsJune 8, 2020
As the corporate world is evolving and becoming more accepting of working remotely, every company is facing the increased threat of cybercrimes. In 2019, the average cost of a data breach in the U.S. was more than $8 million, and the average time spent to identify and contain a breach was around 245 days. These numbers will continue to grow as cyber criminals become even more sophisticated.
- Proposed Carried Interest Regulations Are Back at OIRA for a Second LookJune 5, 2020
The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) has again received for review, proposed regulations with respect to section 1061— often referred to as the carried interest rules. The battle over carried interest continues as proposed rules are back at the OMB for review after the OMB initially signed off on them in late February 2020.
- Is There Opportunity for Private Equity and Hedge Funds on the Horizon?May 21, 2020
The COVID-19 crisis has devastated the national economy. Tens of millions of Americans have lost their jobs and the stock market has fallen significantly. However, these brutal market conditions may have created an opportunity for private equity funds and hedge funds.
- Hedge Funds and Private Equity Firms Deemed Ineligible for PPP Loans by SBAApril 27, 2020
The same day that legislation (April 24th) increasing funding by $310 billion for the Paycheck Protection Program (“PPP”) was signed into law, the Treasury Department issued a new Interim Final Rule. This Final Rule clarified certain types of businesses that are eligible for PPP loans. Specifically, the Treasury has determined that hedge funds and private equity firms are ineligible businesses for purposes of PPP.
- Private Investment Funds, Related Entities and Individuals Can Benefit From COVID-19 ReliefApril 21, 2020
The COVID-19 pandemic has put significant stress on the liquidity and profits of hedge funds, private equity/venture capital funds and their respective portfolio companies. On March 18, 2020, the Families First Coronavirus Response Act and on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) were signed into law. Given these uncertain times and the multitude of changes, provisions and opportunities these laws present, we’ve prepared a general summary of certain relevant matters that private investment funds, related entities and individuals should consider in order to help navigate this crisis. Accordingly, please use this guide for general information purposes only, and please reach out to us with any specific questions or issues you have.
- The Cayman Islands Launch New Legislation for Private and Mutual FundsMarch 4, 2020
The Cayman Island government recently passed new laws for private and mutual funds, designed under recommendations from the European Union (“EU”) and other international governments. They created these regulations to increase oversight and confidence in Cayman Islands funds, while still making it a popular jurisdiction for fund formation. This article covers the upcoming requirements under these laws along with when they will go into effect. One should be aware that the Cayman Islands government defines “Mutual Funds” and “Private Funds” slightly differently than we would in the U.S., so we’ve attempted to clarify, below.
- The Seven SEC Compliance Examination Priorities for 2020January 28, 2020
At the start of every year, the SEC Office of Compliance Inspections and Examinations (OCIE) announces a list of its priorities for the next examination cycle. These represent the areas they feel are key sources of risk for investors and markets. For 2020, they named seven focus areas.
- SEC Annual Report Shows Record Enforcement of Asset Management IndustryJanuary 17, 2020
Near the end of each year, the SEC’s Enforcement Division publishes a report listing their past actions along with future priorities. They recently released their 2019 report and what stands out is last year’s record enforcement of the asset management industry. We’ve summarized the most important parts of the report here.
- Expanded Accredited Investor Definition Could Be Coming SoonJanuary 16, 2020
If someone wants to invest in SEC-exempt private market assets, like hedge funds and venture capital funds, they must meet the SEC’s standards as an accredited investor. The SEC limits who can invest in these assets because they believe non-accredited investors do not have the sophistication or knowledge to understand these investments, or their risks.
However, these markets could be opening soon. On December 18th, 2019, the SEC commissioners voted three to two for expanding the accreditation scope to include more potential investors. Here’s what could be changing.
- IRS Issues Notice Delaying Certain Aspects of Partnership Reporting RequirementsDecember 12, 2019
With Notice 2019-66 (“Notice”), issued on December 9, the IRS reversed course and is delaying some partnership reporting requirements that were outlined in our earlier alert after many practitioners contended that they would not be able to comply under such a tight timeframe. The Notice provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective starting in 2020 (for partnership taxable years that start on or after Jan. 1, 2020). Instead, for 2019, partnerships and other persons must report partner capital accounts consistent with the reporting requirements in the 2018 forms and instructions, including the requirement to report negative tax basis capital accounts on a partner-by-partner basis. These partnerships and other persons must include a statement identifying the method upon which a partner’s capital account is reported. The final instructions for the 2019 forms are expected to include additional details on how such reporting should be done.
- 2019 Financial Services Year-End Tax Planning AlertDecember 5, 2019
As we continue to monitor the prospects of regulations, guidance and potential new tax reform and as year-end approaches, you should consider the following opportunities as you review your tax picture.
- SEC Considers Opening Private Equity to Main Street Investors. Good Idea?December 3, 2019
Private equity has been one of the top performing asset classes over the past decade. However, due to current regulations, the typical American investor hasn’t been able to participate in these gains. That could change soon. Earlier this year, the SEC asked for public comment about whether it should open private equity investments to retail investors. Here are some of the pros and cons of the agency doing so.
- Anchin, Block & Anchin LLP Admits three to the Partnership and Promotes four to DirectorNovember 21, 2019
Anchin is pleased to announce the promotions of Tara Burek, CPA, Alek Dziedzic, CPA, and Megan Klingbeil, CPA, to the partnership as of October 1, 2019.
In addition to the new partners, Audelene Gutierrez, CPA, Brent Lessey, CPA, Adam Pizzo, CPA, and Michael Rudegeair, CPA, CFP, have been promoted to Director.