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Jenner & Block Partner Charles D. Riely is quoted throughout an article that describes the SEC’s enforcement recent action against Ares Management LLC, a global alternative asset adviser that failed to establish and implement written policies and procedures reasonably designed to prevent the misuse of material nonpublic information, or MNPI. In the article, Mr. Riely offers takeaways for managers. “When an investment adviser takes a seat on a public company board, it gains access to nonpublic information and is subject to many other duties associated with being a board member,” he observes. “Accepting dual roles as a member of an investment advisory firm and a member of a public company board can result in insider trading issues and conflict issues that require careful attention.” Titled “SEC Fines Ares Management for Inadequate MNPI Policies and Procedures for Employees on Portfolio Company Boards,” the article was published in the Private Equity Law Report.