The private equity industry should carefully consider the implications of a recent Securities and Exchange Commission ("SEC") enforcement action. In it, the SEC, for the first time, sanctioned an SEC-registered private equity...more
7/12/2016
/ Enforcement Actions ,
Investment Advisers Act of 1940 ,
Leveraged Buyout ,
Neither Admit Nor Deny Settlements ,
Offsets ,
Penalties ,
Pooled Investment Vehicles ,
Portfolio Companies ,
Private Equity Firms ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Transaction Fees ,
Unregistered Brokers
As a result of the Dodd-Frank Act, since 2012 investment advisers that operate pooled investment vehicles such as hedge funds and private equity funds with $150 million of assets under management became subject to the...more
Prior to the passage of the Dodd-Frank Act, a private equity manager was exempt from federal regulation under the Investment Advisers Act of 1940 (the “Advisers Act”) so long as it managed fewer than 15 private equity funds....more