The August recess flew by way too fast, and Congress returns to work this week. This update includes:
- Information on ACG's SEC Task Force, including a link to a survey ACG is conducting of private equity professionals on compliance and regulatory matters
- The September House agenda, which includes two bills relevant to the private equity industry;
- Private Equity Growth Capital Council's private equity trends report for Q2 2014, indicating private equity fundraising surged to $50 billion; and
- A recent lawsuit challenging the SEC's pay-to-play rule, which restricts political contributions by registered investment advisers.
As always, please let me know if you have any suggestions or comments.
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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