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Alternative Market Briefing

Trends in SEC investigations of private fund managers

Monday, May 13, 2013

Stephen J. Crimmins
Benedicte Gravrand, Opalesque Geneva:

There are more investigations coming from the Securities and Exchange Commission, according to Stephen Crimmins, Washington and New York-based partner at K&L Gates LLP, an international law firm.

"The world of SEC regulations of the investment management space generally changed pretty dramatically around the beginning of 2009," he said during a webinar held on May 2nd, "when the SEC had a new Chairman Mary Shapiro, who retained a new enforcement director, Robert Khuzami. [The agency was] reeling from the scandals and various other difficulties, and announced there would be a major shake up of the enforcement program and that they would have five new specialised units. This all seemed like a good idea, and it was a good idea."

At the beginning of 2010, the SEC announced a new Market Abuse unit to deal with market manipulations and insider trading, a new Products Unit to deal with financial crisis and other matters, a CPA Unit, and a Securities and Public Pensions Unit.

"But what really knocked us off our chairs was that the fifth specialised unit was the new Asset Management Unit, dedicated......................

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