As part of the transparency measures of the new EB-5 Reform and Integrity Act of 2022, New Commercial Enterprises need to retain a third-party fund administrator. The responsibilities of fund administrators can include monitoring and verifying fund transfers, preparing financial statements, documenting income and expense allocation, tracking assets and creating reports for investors. Other duties include regulatory administration and compliance support, financial accounting and audit coordination.
In the EB-5 industry, an independent fund administrator acts as the liaison between the fund and its keyplayers to assist EB-5 investors and make sure that their interests are protected and processed correctly.
The US Securities and Exchange Commission is the primary authority for oversight of fund management and security offerings in United States.
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