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Bailey McCann, Opalesque New York: The SEC's Office of Compliance Inspections and Examinations (OCIE) continues to look into investment advisers at a rapid pace, according to the latest hedge fund annual review from law firm Proskauer. Regulators are looking at all sizes of firms placing the greatest emphasis on those that have not yet been examined.
According to the report, after briefly focusing on private equity managers, regulators are taking a closer look at all types of managers including hedge funds, private equity, and other private funds.
Newly appointed SEC Chairman Jay Clayton has also worked quickly to lay out his supervisory priorities. In September testimony before Congress, Clayton indicated his plans. Report authors note that "in general, these remarks focused on (i) ensuring protections for retail investors, (ii) positioning the
SEC as a regulator which is able to evolve on pace with industry, and (iii) taking a more measured and
effects-focused approach to rulemaking. In addition, Chair Clayton has stated that he opposes any
wholesale changes to the SEC's fundamental regulatory and enforcement approach."
By choosing to maintain consistency with the prior administration, Clayton indicated that the focus on valuations in private funds will remain. Regulators will be looking at both specific valuations for fairness as well as the structure around valuations. Fee disclosures will also stay in the spotlight, as regulators continue to put press...................... To view our full article Click here
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