Recent Action Highlights SEC’s Continuing Scrutiny of Private Equity Firms

December 02, 2015

A settled enforcement action announced by the U.S. Securities and Exchange Commission (SEC) on November 3, 2015 is but one in a growing list of SEC settlements concerning the allocation and disclosure of fees and expenses by private equity managers. In this case, the SEC issued a cease and desist order (Order) against: Fenway Partners LLC (Adviser), an investment adviser registered under the Investment Advisers Act of 1940 (Advisers Act); principals Peter Lamm and William Gregory Smart; former principal Timothy Mayhew Jr.; and chief compliance officer and chief financial officer Walter Wiacek (collectively, Officers). Just days after the Order was issued, the SEC reached a settlement with another private equity fund adviser.

Read "Recent Action Highlights SEC’s Continuing Scrutiny of Private Equity Firms."