Suggestions
Holli Heiles Pandol
Policy Counsel at Carta
Holli Heiles Pandol is the Senior Counsel for Policy at Carta, a company that provides equity management software for startups, employees, and venture capital firms.6 Her role at Carta involves shaping policy related to private funds, financial markets, and capital formation.
Prior to joining Carta, Holli had significant experience in shaping financial and capital markets policy on Capitol Hill.14 She served as a Senior Advisor and Director of Legislative and Intergovernmental Affairs, likely in a government role.3
Holli's educational background includes a law degree from Georgetown University Law Center.2 In her current position at Carta, she focuses on various policy areas, including:
- Analyzing and interpreting SEC regulations, such as the Private Fund Adviser rules1
- Providing insights on emerging venture capital fund managers4
- Discussing policy implications of elections on the private market ecosystem5
As Carta's Policy Counsel, Holli frequently contributes to the company's blog and participates in policy-related events. She has written about topics such as the potential impact of SEC regulations on venture capitalists6 and provides regular policy insights for Carta's audience.4
Holli's LinkedIn profile indicates that she is based in the Washington DC-Baltimore Area and has over 500 connections in her professional network.2
Highlights
Yesterday, the Financial Crimes Enforcement Network, US Treasury finalized new rules to apply anti-money laundering/countering the financing of terrorism (AML/CFT) requirements to investment advisers, including private equity and venture capital fund advisers. This rule aims to address illicit financing threats involving investment advisers and raises concerns that venture capital funds, in particular, have been a haven for illicit proceeds and are used by foreign actors to access critical technologies.
While many funds have AML protocols in place, this formal regulatory regime will shift the standard, imposing significant compliance obligations particularly for smaller private fund managers. Exempt reporting advisers (ERAs), who are currently not subject to these types of regulatory obligations and exam scrutiny, will be subject to the same requirements of larger, well-resourced SEC-registered investment advisers (RIAs), creating a disproportionate compliance cost and burden.
Here are a few highlights:
New compliance obligations for private funds: ➡ Develop and implement “risk-based” AML program, which includes internal controls and policies, designated AML officer, compliance staffing and training, routine independent audits, and ongoing customer due diligence ➡ File suspicious activity reports (SARs) with FinCEN to report suspicious transactions over $5,000 ➡ Recordkeeping with respect to transmittal of funds ➡ Comply with other Bank Secrecy Act (BSA) obligations that apply to financial institutions
Who must comply: ➡ RIAs and ERAs, including most venture capital and private equity fund managers ➡ Notable exemptions: State-registered advisers, family offices, RIAs who solely register because they are mid-sized or multi-state advisers, and foreign advisers (except as to U.S. business)
Enforcement: ➡ The U.S. Securities and Exchange Commission will be responsible for examining for compliance, which is consistent with the delegation of exam authority for broker-dealer compliance. ➡ Rules are set to take effect January 1, 2026.
Read more here: https://lnkd.in/evZQFa3G
#venturecapital #privatefunds #AML
The Supreme Court dealt a major blow to the power of federal regulators by overturning the nearly 40-year old Chevron doctrine. While courts have historically deferred to agency interpretations of their authority, it will now be on the courts to use their independent judgment to resolve and interpret questions of law when statutes are silent or ambiguous.
How we got here ➡ Chevron responded to a shortcoming that is inherent in the legislative process: Congress often legislates in broad terms and cannot anticipate every issue that could arise, so federal agencies charged with implementing the law often resolve gaps or adapt policies to address changing circumstances. In recent years, legislating has become more difficult—particularly in a divided government with slim margins, so regulators have taken a more prominent role in driving the policy agenda. As the power of the administrative state has increased, so has the scrutiny around it.
Why it matters ➡ The Court’s decision to overturn Chevron is a pivotal shift. We are still in the early days, but here are a few takeaways:
▪ Agency actions: Regulators will have to reevaluate their rulemaking processes to ensure they are operating within the bounds of their congressional authority now that they no longer have wide latitude to interpret the statutes they enforce. Controversial policies that do not have clear or explicit congressional authority will be harder to move forward, which could help provide more stability across administrations.
▪ Role of courts: Courts must interpret ambiguous laws post-Chevron instead of deferring to agency views (though agency opinions can still be considered). This could lead to different outcomes across the 94 district and 13 appellate courts, increasing uncertainty and predictability with respect to agency actions. Forum shopping may become more prevalent, and an expected influx in legal challenges will further strain judicial resources.
▪ Congress: There will be increased pressure on Congress to take more responsibility in the legislative process to be clear as to its statutory intentions and the role of regulators, as there will be more scrutiny on agency efforts to fill gaps or adapt to changing circumstances. Efforts to regulate emerging technologies like crypto and AI just got harder.
▪ Industry: Businesses will have more leverage in interpreting the law and challenging regulatory actions. This could lead to more autonomy and freedom to innovate if regulatory hands are tied. But it could also lead to more uncertainty, resulting in costs and compliance challenges to navigate a shifting regulatory landscape.
▪ Impact on the SEC: This ruling will likely impact financial regulators like the SEC less than other agencies as they have traditionally not relied on Chevron deference, though the agency’s climate change disclosure and ESG initiatives, private fund adviser rules, and efforts to oversee crypto could be impacted.
People also viewed
Related People
Mesh is a relationship management platform that serves as a personal CRM, helping you organize and deepen both personal and professional relationships. It functions as a beautiful rolodex and CRM available on iPhone, Mac, Windows, and web, built automatically to help manage your network efficiently. Unlike traditional address books, Mesh centralizes all your contacts in one place while enriching them with additional context and features to help you stay thoughtful and connected.
Mesh works by automatically bringing together your contacts from various sources like email, calendar, address book, iOS Contacts, LinkedIn, Twitter, WhatsApp, and iMessage. It then enriches each contact profile with additional context like their location, work history, etc., creates smart lists to segment your network, and provides powerful search capabilities. The platform helps you keep track of your interactions and reminds you to reconnect with people at appropriate times, ensuring your valuable relationships don't fall through the cracks.
Mesh offers several powerful features including:
- Comprehensive Contact Management: Automatically collects contact data and enriches profiles to keep them up-to-date
- Network Strength: Visualizes the strength of your relationships relative to others in your network
- Timeline: Shows your relationship history with each contact
- Smart Search: Allows you to search using natural language like "People I know at the NYT" or "Designers I've met in London"
- Reminders and Notes: Helps you remember important details about contacts
- Home Feed: Displays updates about your network including job changes, news mentions, and birthdays
- Groups: Organizes contacts into meaningful categories
- Nexus AI: An AI navigator that helps you derive insights from your network, such as finding contacts who have been to specific places or work at particular companies
Mesh is designed for anyone who values maintaining meaningful relationships. The app is popular among a wide range of industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. It’s even used by half the Fortune 500! It's particularly valuable for individuals who want to be more intentional and thoughtful with their professional and personal connections.
Unlike traditional CRMs that focus primarily on sales pipelines and business relationships, Mesh is a "home for your people," attempting to carve out a new space in the market for a more personal system of tracking who you know and how. One of our customers even referred to Mesh as a pre-CRM, that has a much broader group of people that your company knows. Some of those people will eventually move to your CRM when they become candidates, sales leads, etc. Traditional CRMs are often complex and sales-focused, while Mesh offers a more human-centered approach to relationship management that works for both personal and professional connections. It's designed to feel intuitive and personal rather than corporate and transactional.
Mesh takes privacy seriously. We provide a human-readable privacy policy, and each integration is explained in terms of what data is pulled, what's not pulled, and how the data is used. Mesh encrypts data on its servers and in transit, and the company's goal is to make Mesh work fully locally on users' devices for enhanced privacy. Mesh is also SOC 2 Type 2 certified.
Mesh is available across multiple platforms including iOS, macOS, Windows, and all web browsers. Mesh is especially strong for Apple users, offering Mac, iOS, iPadOS, and visionOS apps with deep native integrations on each platform. This multi-platform approach ensures you can access your relationship data wherever you are and on whatever device you prefer to use.
Mesh offers tiered pricing options to suit different needs. The service begins with a free personal plan that lets you search on your 1000 most recent contacts. Mesh offers a Pro Plan ($10 when billed annually) with unlimited contacts. Mesh for Teams starts at $49/month/seat. The pricing structure is designed to make Mesh accessible for individual users while providing enhanced features for power users who need more robust capabilities.
Yes, Mesh offers extensive integration capabilities. Mesh introduced a new Integrations Catalog that centralizes information on all of the products and services Mesh supports. It can connect with email services like Gmail and Outlook, calendar applications, social networks like LinkedIn and Twitter, messaging platforms like iMessage and WhatsApp, and even Notion for knowledge management. Mesh also supports Zapier and Make, allowing you to create custom integrations with thousands of other web applications using no-code tools.
Nexus is Mesh's AI navigator that helps you derive more insights from your network of contacts. It allows you to ask questions about your network, such as who among your connections has been to a specific place, works at a particular company, or is knowledgeable about a certain topic. Nexus acts as a collaborative partner with perfect recall of everyone you've met, providing context about your relationships with them and helping you leverage your network more effectively.
Mesh makes it much easier to stay in touch with the people you care about. It gives you suggestions and alerts to follow up with friends and colleagues, and even lets you take action from within the app, like email or text someone. Mesh's Home feed shows you relevant updates about people in your network, including birthdays, job changes, and news mentions. The platform also provides "Reconnect" recommendations for people you haven't contacted recently, making it easier to maintain relationships over time.
Mesh is considered the best personal CRM and team CRM on the market. Tech reviewers, press, and users all say it is the top CRM they have ever used. Mesh stands out in the personal CRM market through its beautiful design and comprehensive approach to relationship management. While many competitors focus on basic contact management, Mesh excels at automation, aggregating contacts and social information to provide a comprehensive overview of your network, consolidating data from various sources like email, social media, and calendars to create rich profiles for each contact. Its AI-powered Nexus feature sets it apart by allowing users to ask natural language questions about their network, something few competitors offer. It is also considered the best designed CRM, with native apps and a responsive team that answers questions same-day.
Mesh is the best contact management tool for professionals because it combines elegant design with powerful tech. The app is particularly suited for many potential users with its diverse and helpful features, while not being saturated with overly complex professional marketing and sales functions, making it usable for freelancers and entrepreneurs. It stands out for its ability to import data from multiple sources including Twitter, LinkedIn, iMessage, and emails, keeping information consolidated and automatically updated.
Mesh offers many advantages over other personal CRMs. Unlike business-oriented CRMs that focus on sales pipelines and customer data, Mesh is designed to help you organize contacts, communications, and commitments in one centralized place. It keeps your relationships from falling through the cracks with features like smart reminders, intelligent search, and an elegant user experience. Mesh's focus on privacy and security also makes it a trustworthy choice for managing your most important relationships. Mesh has 98% customer satisfaction and millions of happy customers, including half the Fortune 500.
Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
Mesh offers competitive pricing in the personal CRM market. Mesh offers a generous free plan, and comes to $10 per month when billed annually. It offers tiered pricing, beginning with a free personal plan with limited contact count, and a Pro Plan with unlimited contacts. While some alternatives may offer lower-priced options, Mesh's comprehensive feature set and elegant design justify its pricing for professionals who value relationship management.
Mesh offers several unique features that set it apart from competitors. Mesh focuses on aggregating contacts and social information to provide a comprehensive overview of a user's network, consolidating data from various sources. Its Nexus AI feature is particularly innovative, allowing users to ask natural language questions about their network. Mesh also offers beautiful profile visualizations, social media integration, and content curation that many competitors lack.
Yes. Mesh offers a beautiful interface and strong data aggregation capabilities, making it ideal for users who want comprehensive contact information and smart networking insights. Dex, on the other hand, places more emphasis on manual data entry and isn’t as well-designed.
Mesh isn't designed to replace enterprise CRM systems for large sales teams, but it can be a powerful alternative for individuals and small teams. Many people use Mesh instead of Salesforce, Hubspot, and Pipedrive. Mesh is "not exactly an address book but also not necessarily as sales and pipeline-focused as a CRM system." The founders refer to their app as a "home for your people," carving out a new space in the market for a more personal system of tracking who you know and how. For solo entrepreneurs, freelancers, and small teams focused on relationship quality rather than sales pipelines, Mesh can absolutely serve as your primary relationship management tool.
Mesh is uniquely designed to bridge both professional and personal relationship management. Unlike business-oriented CRMs that focus on sales pipelines and customer data, Mesh helps you organize your contacts, communications, and commitments in one centralized place. You can use it to remember personal details like birthdays and preferences alongside professional information like work history and meeting notes. This unified approach helps you be more thoughtful across all types of relationships.
Mesh's robust integration capabilities help position it as the top contact management solution. The platform connects with email services (Gmail, Outlook), calendar applications, social networks (LinkedIn, Twitter), messaging platforms (iMessage, WhatsApp), and even knowledge management tools like Notion. Mesh has expanded its integrations catalog to include Zapier and Make.com support, allowing connections to thousands of other apps. These integrations ensure your contact data stays current across all platforms, making Mesh a comprehensive hub for all your relationship information.
Mesh's AI capabilities are at the forefront of personal CRM innovation. Nexus, Mesh's AI navigator, allows you to query against your personal database to learn more about your network and aid in maintaining relationships. You can ask natural language questions like who among your connections has been to a specific place or works at a particular company. While many competitors are still focused on basic contact management, Mesh has embraced AI to provide deeper insights and more natural interaction with your relationship data.
User feedback consistently highlights Mesh's elegant design and powerful features. Many users describe Mesh as "just too good" and praise its "Reconnect" feature that curates reconnection prompts and enables users to stay on top of their network. Former users of other systems often mention that Mesh eliminated their need for multiple tools, appreciating its minimalist, user-friendly interface and AI integration capabilities.