In a recent speech, Andrew Bowden, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) “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” may be more like a giant spotlight on private fund advisers, with some storm clouds rolling in on the horizon.
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