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Alternative Market Briefing

Other Voices: SEC signals more scrutiny for hedge funds and private equity

Thursday, November 18, 2021

By: David Marcinkus, Robert Plaze

On November 10, 2021, in prepared remarks before a meeting sponsored by the Institutional Limited Partners Association (ILPA), Securities and Exchange Commission (SEC) Chair Gary Gensler presented his views on the role and importance of private equity funds and hedge funds (private funds) in the U.S. capital markets, and noted certain areas of further consideration by the staff.

Chair Gensler began his remarks by reviewing the evolution of the federal securities laws as they apply to private funds, noting that it was not until 2010 and the Dodd-Frank Act that private fund advisers were brought fully under the Advisers Act. The Act gave the SEC authority to "seek investment adviser disclosures and to prohibit investment adviser conflicts of interest, sales practices, and compensation schemes contrary to investor protection," and require certain advisers to private funds to report on Form PF.

Chair Gensler then suggested that the SEC would consider extending further the reach of the federal securities laws into the operation of private funds, expressing concern for the protection of private fund limited partners (LPs), which he noted include not only "wealthy individuals" but also retirement plans, pension plans and endowments for the benefit of "teachers, firefighters, municipal workers, students, and professors."

Chair Gensler listed five specific areas in which he has asked the SEC staff to consider recommendations to "brin......................

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