Spreading Sunshine in Private Equity: SEC Director Shares Insights from Recent Exams of PE Advisers

May 7, 2014

In a speech at a New York conference yesterday, SEC Director Andrew Bowden shared insights from the 150 exams of private equity advisers the Office of Compliance Inspections and Examinations have completed to date. The below memo summarizes key points raised by Director Bowden, including violations of law related to handling of fees and expenses, issues related to valuation and marketing, thoughts on industry trends and the importance of compliance officers being integrated into an adviser’s business.