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The BD/IA Regulator Providing securities regulatory, enforcement and litigation trends for broker-dealers, investment advisers and investment funds

Tag Archives: private equity

The SEC Continues to Spread Sunshine on Private Equity: Reflections on Two Recent Enforcement Actions

Posted in Fund Regulation, SEC Enforcement

The end of 2018 was notable for two SEC enforcement actions against private equity fund managers for violations of the Investment Advisers Act of 1940 arising from improper allocations of expenses, undisclosed conflicts of interest, and insufficient compliance policies and procedures.  The two actions demonstrate the SEC’s continued focus on private equity fund managers’ use… Read More

Spreading Sunshine or Shining a Spotlight?

Posted in SEC Enforcement

Andrew Bowden, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE), recently “spread sunshine” on private equity industry practices gathered through so-called “presence exams” of newly registered private fund advisers. The goal, he said, is to help these advisers spot potential issues before they find themselves in regulatory hot water.  But the “sunshine”… Read More