Aaron Schlaphoff is a partner in the New York office of Kirkland & Ellis LLP, where he is a member of the Investment Funds Group Regulatory Practice. Prior to joining Kirkland in 2016, Mr. Schlaphoff most recently served as an attorney fellow in the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC).
At Kirkland, Mr. Schlaphoff has a dynamic practice advising many of the largest, most sophisticated firms in the global asset management industry on a wide range of legal, regulatory and compliance matters arising under the Investment Advisers Act, Investment Company Act, Commodity Exchange Act and related securities and banking laws and regulations, including:
- the structuring, offering and ongoing operation of private and public investment vehicles, including private equity funds, private credit funds, hedge funds, business development companies (BDCs), registered alternative investment funds, open- and closed-end mutual funds, exchange traded funds (ETFs) and structured products;
- investment adviser, commodity pool operator (CPO) and commodity trading advisor (CTA) registration, exemptions and ongoing compliance;
- SEC examination, investigation and enforcement matters; and
- M&A, IPO and restructuring transactions involving asset managers and investment funds.
As a former regulator, Mr. Schlaphoff is able provide clients with insight into the operation of the SEC, its policies and procedures, and the dynamics of its decision-making processes. During his tenure at the SEC, Mr. Schlaphoff contributed to a wide range of matters relating to investment advisers and vehicles subject to SEC regulation, including private funds, registered funds, BDCs and ETFs. In the private funds area, Mr. Schlaphoff advised various SEC divisions and offices, including the Office of Compliance Inspections and Examinations (OCIE) and the Division of Enforcement, on interpretive matters under the Advisers Act, as well as on market practice in the private equity and hedge fund industries. Mr. Schlaphoff was a key member of the team that developed the SEC’s proposed rule relating to the use of derivatives by registered funds and BDCs, and worked with various SEC divisions and offices on derivatives-related policy and legal matters. In addition, he participated extensively in the SEC’s work with representatives of the Financial Stability Oversight Council (FSOC) and Financial Stability Board (FSB) analyzing the potential impact of asset management activities on U.S. and global financial stability.
Speaker, Navigating Regulatory Complexities and Maintaining Compliance, Co-Invest 2017, March 27, 2017.
Speaker, The SEC’s Proposed Rule on Registered Funds’ Use of Derivatives Explored, Knowledge Group webcast, September 15, 2016.
Panelist, Private Equity Fund Restructuring: Negotiating Terms, Avoiding Conflicts of Interest and Avoiding Regulatory Scrutiny, Strafford Publications Webinar, August 10, 2016.
Speaker, Chief Compliance Officer Response to SEC Update, SuperReturn Boston, June 7, 2016.
Investment Company Institute (ICI), 2015 Securities Law Developments Conference (Dec. 16, 2015), “Seeking Cover: Derivatives Investments Under the 1940 Act”*
Practicing Law Institute (PLI), Hedge Fund Management 2015 (Sept. 15, 2015), “Hot Topics: Cybersecurity”*
Regulatory Compliance Association (RCA), Compliance, Risk & Enforcement 2014 (Nov. 4, 2014), “Upgrading Compliance Process & Practice — Top Priorities for 2015”*
Practicing Law Institute (PLI), Hedge Fund Management 2014 (Sept. 25, 2014), “Registration and Regulation”*
New York City Bar Association, Hedge Funds in the Current Environment (Mar. 5, 2014), “SEC Priorities for Hedge Fund Advisers”*
* Conducted while at SEC
Memberships & Affiliations
Secretary, Committee on Private Investment Funds, New York City Bar Association June 2009–2012
Admissions & Qualifications
- 2005New York
- Yale Law SchoolJ.D.2004
- University of CologneFulbright Fellow1999
- Macalester CollegeB.A.cum laude1998