News & Analysis as of

Private Equity Funds Enforcement Actions

SEC Charges Platinum Equity for Misallocation of Broken Deal Expenses

The SEC announced a settled action against Beverly Hills-based investment adviser, Platinum Equity Advisors, LLC, for charging three of its private equity fund clients with about $1.8 million more than it should have in...more

Investment Management Update

by Ballard Spahr LLP on

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

As the Christmas and holiday season approaches, the SEC brought a series of actions. Those included two settled FCPA actions filed in tandem with the DOJ, one of which also involved foreign regulators and the payment of about...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

by Proskauer Rose LLP on

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

SEC's Focus on Private Equity Firms Continues with Recent Action

by Dechert LLP on

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission announced the filing of a record number of enforcement actions for the last fiscal year. The enforcement statistics highlight areas of concentration such as insider trading, investment advisers and private...more

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

by Michael Volkov on

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

Major FCPA Enforcement Action Against Nation’s Largest Publicly Traded Hedge Fund

by King & Spalding on

In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC (“Och-Ziff”) recently resolved a long-running government inquiry by agreeing to $413 million in financial penalties and a...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

by Michael Volkov on

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Enforcement - AXA Prevails in Excessive Fee Trial - Beware of Failing to Properly Disclose Fees and Assess Adequate Penalties - Non-Enforcement - Business Continuity Planning - SEC Rule Designed to...more

SEC Enforcement Against Private Equity Firms - A Focus on Disclosure, Fees, and Conflicts of Interest

by King & Spalding on

The Securities and Exchange Commission announced two settled enforcement actions against private equity fund advisers last week involving certain fee practices and potential conflicts of interest. Consistent with its...more

SEC Charges Private Equity Advisers With Inadequate Disclosure

by Dorsey & Whitney LLP on

The Commission has brought a series of cases against private equity centered on undisclosed fees and conflicts of interest – key areas of interest during OCIE exams. The latest proceeding in this string of cases involves four...more

SEC Busts Apollo for Disclosure and Supervisory Failures

The SEC charged four private equity fund advisers affiliated with Apollo Global Management for misleading fund investors about fees and a loan agreement and failing to supervise a senior partner who charged personal expenses...more

Investment Management Update

by Ballard Spahr LLP on

SEC Enforcement Action against Private Equity Fund Adviser - On June 1, 2016, the SEC announced that a private equity fund adviser and its principal owner agreed to pay more than $3.1 million to settle SEC charges that,...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

Securities and Exchange Commission (“SEC”) Hosts National Compliance Outreach Seminar for Investment Companies and Investment Advisers In April 2016, the Office of Compliance Inspections and Examinations (“OCIE”), the...more

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

by Cozen O'Connor on

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

SEC acts against Private Equity Firm for Acting as an Unregistered Broker

by Dorsey & Whitney LLP on

On June 1, 2016, the SEC issued a press release that announced a Maryland-based private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that they engaged in brokerage...more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

"SEC Charges Private Equity Fund Adviser as an Unregistered Broker"

On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more

SEC Charges Private Equity Adviser for Unregistered Brokerage Activity

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) on June 1, 2016 announced a settled enforcement action against a private equity fund manager (Adviser) for acting as a broker-dealer without registering. The case is...more

SEC Announces Settlement with Adviser Found to Have Acted as an Unregistered Broker

The SEC is continuing its pattern of establishing “standards of conduct” for the private equity industry through speeches, enforcement actions, and public settlements. After foreshadowing its concerns in various speeches over...more

SEC sanctions private equity fund adviser for acting as an unregistered broker

by DLA Piper on

On June 1, 2016, the Securities and Exchange Commission issued a press release announcing that a private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that included...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

by Ropes & Gray LLP on

Background - In a case that may reflect a notable change in the SEC’s views on broker-dealer registration issues in the private equity industry, a private equity fund adviser agreed to settle SEC charges that it engaged...more

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