It's a busy week as Congress and just about everyone else is counting down the days until August recess. This update includes:
- The building momentum for imposing a user fee on registered investment advisors to fund additional SEC examiners;
- The growing battle over FY 2015 funding for the Securities and Exchange Commission;
- CBO's disturbing report on long-term U.S. debt, which finds that the federal debt will double the total U.S. economy within twenty-five years; and
- This week's Senate Permanent Subcommittee on Investigations hearing on the use of structured financial products to evade U.S. short-term capital gains tax.
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.
The full House of Representatives passed the FY 2015 financial services appropriations.
Click here to view the complete update.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.