Anne C. Choe

Partner

Washington
Willkie Farr & Gallagher LLP
1875 K Street, N.W.
Washington, DC 20006-1238
T 202 303 1285
F 202 303 2285
achoewillkie.com

Anne C. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. She has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters. A key aspect of Anne’s practice is representing investment advisers and funds in SEC examination and enforcement matters.

Anne has significant experience in advising investment management firms in registering with the SEC as investment advisers. Additionally, she routinely counsels clients on the application of the Advisers Act custody rule, marketing rule, and “pay-to-play” rule, as well as the implementation of compliance programs as required by Rule 206(4)-7 under the Advisers Act. She also assists clients in connection with internal compliance reviews and investigations, and the development and testing of compliance programs.

Anne’s diverse practice covers advising on the creation and operation of registered open-end investment companies and ETFs and provides counsel to fund independent boards. In addition to counseling clients, Anne has built an active fund and investment adviser transactional practice. She is regularly involved in advising on investment management M&A transactions.

Chambers USA (2021) recognizes Anne as an Up and Coming Practitioner in the area of Investment Funds: Regulatory & Compliance (Nationwide), where she is commended by clients who “rely on her heavily for all things SEC.”

The Legal 500 U.S. (2021) recognizes Anne as a Next Generation Partner in the area of Investment Fund Formation and Management: Mutual/Registered Funds, where she is praised by clients for her “incredible understanding of investment management regulation, especially as it pertains to investment advisers, and brings both significant experience and excellent industry understanding to the issues.”

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Highlights

Anne C. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. She has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters. A key aspect of Anne’s practice is representing investment advisers and funds in SEC examination and enforcement matters.

Selected Significant Matters

  • Serves as co-lead independent board counsel to a number of mutual fund and ETF boards.
  • Regularly represents investment managers in launching ETFs.
  • Represents several asset managers in negotiating their advisory agreements with U.S. state pension plans.
  • Represented a private equity firm in an SEC investigation relating to compliance with the SEC’s “pay-to-play” rule.
  • Represented a private equity firm in an SEC enforcement matter relating to fees and expenses.
  • Represented an investment adviser and a registered fund complex in obtaining a novel exemptive order from the SEC.

Prior Experience

Prior to joining Willkie, Anne practiced as a certified public accountant auditing mutual funds and hedge funds at PricewaterhouseCoopers LLP.

Selected Professional and Business Activities

  • Member of Private Equity Women Investor Network (PEWIN)
  • Legal Council on Legal Diversity Fellow (2017)

Selected Publications and Lectures

  • “U.S. Regulatory Updates” panel, Due Diligence Insights conference, presented by Duff & Phelps (June 2021) (co-panelist)
  • “Exchange-Traded Funds” panel, PLI’s Investment Management Institute, (July 2020) (co-panelist)
  • “Recent Reminder for Exempt Reporting Advisers,” The Investment Lawyer (Jan. 2019) (co-author)
  • “The World of Private Funds – Understanding What’s on the Regulatory Horizon,” Ascendant Compliance Conference (Oct. 2018) (speaker)
  • “Form ADV Reporting and Disclosure Amendments: Are You Ready for What Lies Ahead,” Webcast, The Knowledge Group (Jan. 2018)
    (co-speaker)
  • “Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements,” Webcast, Investment Adviser Association and NRS Education (April 2017) (co-speaker)
  • “New Treasury Form SLT Applicable to Investment Managers, Broker- Dealers and Funds,” The Investment Lawyer (Dec. 2011) (co-author)

Publications / News / Events

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