Lessons for PE Managers from the SEC’s Ongoing Scrutiny of Private Equity Funds

March 29, 2016

A large number of private equity managers were required to register for the first time with the U.S. Securities and Exchange Commission pursuant to the Dodd-Frank Act. Since the Act’s enactment in 2010, there has been a significant increase in the SEC's scrutiny of private equity managers – primarily through investigations and civil enforcement actions initiated by the SEC’s Division of Enforcement, as well as the Presence Examination Initiative. Given the scope of the deficiencies cited by the SEC Staff following the Initiative, it seems clear that the bar has been raised in this area.

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