The Senate returns to action this week while the House is out of session. This update includes:
- Last week's launch of the Congressional Caucus for Middle Market Growth, sponsored by the Association for Corporate Growth (ACG), GE Capital, and the National Center for the Middle Market;
- The results of last month's House Financial Services Committee markup on multiple JOBS Act 2.0 bills;
- The recent Financial Stability Oversight Counsel (FSOC) conference on the asset management industry;
- The Department of Labor's decision to delay its final rule imposing fiduciary standards on advisers who provide retirement advice; and
- A report by the Private Equity Growth Capital Council (PEGCC) finding that PE activity reached a five-year Q1 high last quarter, although overall fundraising and deal activity declined from the previous quarter.
Note: The head of the SEC's Office of Compliance Inspections and Examinations recently gave a speech (described below) warning private equity managers about several areas where PE funds are failing to meet their obligations under the Investment Advisers Act. A key problem area is the issue of fees and expenses charged by the general partner.
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