McDermott Will & Schulte, a global law firm

Private Funds CFO recently featured Kelly Koscuiszka’s insights on how private fund managers are using compliance “chaperones” to help manage material non-public information (MNPI) risks during expert network calls, as firms balance evolving regulatory expectations with increasingly sophisticated investment research.

Kelly explains that while a chaperone cannot completely prevent the disclosure of MNPI, “its presence on the call is about deterrence.” She notes that compliance professionals can intervene when conversations begin to approach sensitive territory and help firms take appropriate follow-up actions if MNPI is disclosed.

Looking ahead, Kelly also highlights how technology is reshaping compliance oversight. As expert network discussions become more specialized, she observes that “the calls tend to be very technical,” making effective monitoring increasingly challenging. At the same time, AI-enabled tools are expanding firms’ ability to review a greater number of calls as part of their compliance programs.