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

October 20, 2016

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 disclosure of fees and expenses. In this case, the SEC issued a cease-and-desist order (Order) against First Reserve Management, L.P. (Adviser), an investment adviser registered under the Investment Advisers Act of 1940 (Advisers Act).

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