The private equity space is an area of increased scrutiny for the SEC. The SEC’s Office of Compliance Inspections and Examinations (OCIE) earlier this year announced its intentions to examine a significant percentage of never been examined investment advisers, and prior to that OCIE announced its plan by the end of 2014 to examine 25% of private fund advisers who registered as a result of Dodd Frank. The OCIE Staff has geared up for these reviews and examinations by hiring private equity experts with significant experience in the industry.
Preliminary SEC Findings -
Preliminary information regarding results of these examination initiatives has been made public in recent weeks and reflects a focus on transparency and disclosure-related issues. The preliminary results of the initiatives, taken together with public comments by the Staff of the SEC Enforcement Division’s Asset Management Unit, warrant your attention to be prepared for your next examination or discussion with the Staff. Below are three key areas of disclosure where you should consider increased levels of review.
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Topics: Chief Compliance Officers, Compliance, Dodd-Frank, Enforcement, Enforcement Actions, OCIE, Private Equity, SEC
Published In: General Business Updates, Finance & Banking Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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