News & Analysis as of

Conflicts of Interest Valuation

K&L Gates LLP

Europe: UK’s FCA Intensifies Scrutiny on Private Markets Valuations

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The UK’s Financial Conduct Authority has published the findings of its multi-firm review of valuation processes for private market assets. This review follows the highlighting of vulnerabilities in private markets stemming,...more

Paul Hastings LLP

UK FCA’s Review of Valuation Processes for Private Market Assets — Key Findings and Implications for Private Equity and Private...

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On March 5, 2025, the U.K. Financial Conduct Authority (FCA) released its much-anticipated findings from a multifirm review examining valuation processes for private market assets. This review, launched amid growing concerns...more

A&O Shearman

UK FCA highlights areas for improvement in private market valuation processes

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The UK Financial Conduct Authority (FCA) has published the findings of the multi-firm assessment of valuation practices and governance for valuing private equity, venture capital, private debt and infrastructure assets. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Findings on Private Market Valuations Stress Risk of Conflicts and Need for Independence

On 5 March 2025, the FCA published its findings from its multi-firm assessment of governance and valuation practices within the private market sector (Review) along with a press release. The Review focused on firms operating...more

Proskauer - Regulatory & Compliance

FCA’s Private Market Valuations Review – Good Practice but Room for Improvement

On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”).  The Review covered a firms operating...more

Goodwin

Properly Valuing Private Equity, Venture, Real Estate, and Other Private Markets Assets: Some Pointers for UK and EU Managers

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In our recent alert “New Year, Similar Concerns: The FCA’s 2025 Priorities for UK Private Fund Managers,” we discussed the updated supervisory strategy and priorities which the Financial Conduct Authority (FCA) has for...more

Hogan Lovells

Increased UK regulatory scrutiny: FCA taking a closer look at conflicts and valuations, including on GP leds

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The FCA has published a report on private market valuation practices, after recently indicating that this area will be one of its supervisory priorities this year. Managers and advisers involved with private assets (in...more

Latham & Watkins LLP

FCA Publishes Findings on Private Market Valuation Practices

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A review of fund and portfolio managers found a number of good practices, but also revealed the need for improvement in areas such as conflict management. On 5 March 2025, the FCA published the findings from its review...more

Ankura

Addressing Valuation Challenges in the Expanding Private Credit Market

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The rapid expansion of the private credit market has highlighted concerns regarding the accuracy and reliability of valuations within this asset class. Unlike publicly traded companies, which must adhere to stringent...more

Hogan Lovells

SFC cautions deficiencies and misconduct in asset management practices

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On 9 October 2024, the Securities and Futures Commission (the “SFC”) issued a circular (the “Circular”) highlighting deficiencies and substandard conduct observed during its supervision of licensed corporations engaged in...more

Walkers

Central Bank's Regulatory and Supervisory Outlook Report 2004 Key trends, risks and priorities facing funds and the asset...

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On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more

Dechert LLP

Proposed Rule on Quality Control Standards for Automated Valuation Models: Comments Closed and Now What?

Dechert LLP on

The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral. The...more

Davies Ward Phillips & Vineberg LLP

GOVERNANCE INSIGHTS 2023 - As the Pandemic Abates, Activists Advance: Shareholder Activism Rebounds in Canada

Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with...more

Conyers

Trina Solar: A Warning Regarding Reliance on Merger Price and Deficient Disclosure in s238 Proceedings

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The successful appeal by dissenting shareholders in Trina Solar provides key insights into the importance of establishing a robust merger process, the company’s burden to make all relevant information available in appraisal...more

K2 Integrity

Pre-Investment Due Diligence for Private Funds

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Recent high-profile banking and startup failures demonstrate the importance of pre-investment due diligence across the marketplace. Given the size and scope of many deals, and the resulting capital at stake, it is important...more

Goodwin

Private Fund Sponsors Remain in Spotlight of the SEC’s Examination Priorities

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On February 7, 2023, the Division of Examinations (“EXAMS”) of the Securities and Exchange Commission (“SEC”) issued its examination priorities for 2023 reflecting a continued focus on SEC-registered private fund sponsors....more

Goodwin

Newly Appointed Federal Watchdogs Warn they are Focused on Private Funds

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Private funds can draw lessons about how to prioritize their compliance efforts and practices in response to a series of warnings by newly-appointed federal regulators of increased scrutiny, regulation, and enforcement...more

Vedder Price

Investment Services Regulatory Update - February 2018

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New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Holland & Knight LLP

DOL Settlement Agreement Provides ESOP Transaction Guidance

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• The U.S. Department of Labor (DOL) and First Bankers Trust Services Inc. (FBTS) have entered into a settlement agreement filed in U.S. District Court for the Southern District of New York, resolving a case challenging FBTS'...more

Proskauer Rose LLP

Wealth Management Update - May 2017

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May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs...more

Proskauer - The Capital Commitment

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

K&L Gates LLP

SEC Enforcement Actions Against Investment Advisers

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According to the SEC’s most recent financial report, as of August 2014, SEC-registered investment advisers managed $62.3 trillion in assets. Not surprisingly, investment advisers attract a great deal of attention from the...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - Cost of Proposed User Fees by Registered Investment Advisers Further Discussed - SEC Valuation Guidance for All Funds - Update on Insider Trading in Mutual Fund Shares. Enforcement ...more

Carlton Fields

Private Equity: The Next Wave of SEC Enforcement Actions?

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Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act required many investment advisers to private equity funds to register with the SEC for the first time, fund managers knew that additional scrutiny might...more

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