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Fund Counsel

Virtually all funds use outside legal representation and the law firm (or attorney) who provides those services often is referred to as fund counsel. Fund counsel typically represents the fund in connection with all legal aspects of its operations, including preparing or reviewing SEC and other regulatory filings, reviewing the adviser’s proposals involving matters that affect fund operations, and attending board meetings. Just like the independent public accountants, fund counsel is often called on to undertake special reviews or research on legal matters that arise in the course of the fund’s day-to-day operations.