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Alternative Market Briefing

Proskauer report highlights SEC examination and enforcement trends for private fund managers

Monday, December 02, 2019

Bailey McCann, Opalesque New York:

A new report from law firm Proskauer suggests that SEC examinations of investment managers are on the rise. The regulator has also updated its priorities concerning enforcement, insider trading and rulemaking initiatives.

According to the report, the SEC's Office of Compliance Inspections and Examinations (OCIE) was very active this year, a trend that is likely to continue into 2020. OCIE has indicated that they are still focused on examining firms that haven't been examined before. The regulator has established a set of data parameters that it considers acceptable. Firms that report fund data that falls outside of those parameters are more likely to be examined.

Proskauer expects that the following areas will comprise the examination priorities for private fund managers in 2020:

  • OCIE's focus on fees and disclosures will continue next year.

  • Disclosure and management of conflicts - including relationships with service providers; fund transactions where the adviser or any affiliated parties have an interest; side-by-side management arrangements, and expense allocations.

  • Portfolio management - OCIE wants to ensure that trades are executed fairly among clients and that managers avoid style drift.

  • Material non-public information - expect an increased focus on portfolio companies that have non-public transactions. The regulator wants to see that risks are being managed effectively.

  • OCIE ......................

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