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IA Watch’s Private Equity Enforcement Lessons Learned: Compliance Guidance for the PE Business Model

US$ 295.00

Key Information

  • ISBN: N/A
  • Publication Date: April 2019
  • Number of Pages: 147

Private Equity Enforcement Lessons Learned: Compliance Guidance for the PE Business Model includes 25 best practices and guidance on staying in compliance, 3 key regulatory issues, 2 articles on what to expect during an exam, 8 compliance tips, 6 rules and SEC enforcement advice and more to help you test the current state of your exam readiness.

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Compliance Guidance for the PE Business Model

The SEC is examining registered private equity fund advisers that manage at least $150 million in assets. Few things can damage your firm like an SEC enforcement action and what may begin as a routine OCIE exam can all too swiftly turn into trouble.

Content highlights:

  • 25 best practices and guidance to sharpen your firm’s compliance
  • 3 key regulatory issues
  • 2 articles on what to expect during an exam
  • 8 compliance tips
  • 6 rules and SEC enforcement advice

Who should buy this book:

  • PE Compliance Professionals
  • Consultants
  • Lawyers

- Carl Ayers, Publisher

Private Equity Enforcement Lessons Best Practices and Guidance

1. Advisers caught up in Form PF enforcement sweep took different routes to disclosure
2. Thirteen private fund advisers settle enforcement cases for failing to file Form PFs
3. Private equity secondary sales show no signs of slowing
4. Misallocation of expenses and valuation failures yield charges for private fund adviser
5. Private equity fund adviser failed to alert investors employees wouldn’t pay expenses
6. Private equity fund adviser fined $200,000 for concealing elevated values from investors
7. PE adviser’s ‘inadequate disclosures’ of accelerated fees leads to SEC action
8. Lessons from PE enforcement case: Update docs, reveal revenue sharing
9. Private equity fund adviser sued for allegedly shady sales by its portfolio company
10. Multi-million dollar penalty in enforcement case proves timing of disclosures really matter
11. Former PE fund adviser fights on against SEC even after serving jail time
12. Suspicious assistant starts probe that leads to SEC action against former PE principal
13. Private equity fund adviser credited with hiring a new CCO: the principal charged
14. PE adviser’s improper withdrawal of fees leads to permanent bar
15. Failure to follow LPAs on co-investments costs PE fund adviser $275,000
16. Misleading fund investors about fees results in $52.7M settlement for four PE advisers
17. Recent PE case rekindles unresolved issue about registering as B-Ds
18. Subscriber suggested story: Pick among several approaches to dispense your co-investment opportunities
19. A process and compliance oversight can ensure fees and expenses don’t toll trouble
20. PE fund advisers: Three areas to be sure you’re on top of or risk trouble
21. Undisclosed loans and cross-over investments cost PE fund adviser
22. Allocation of compliance-related fees leads to penalty for private equity advisers
23. Cherokee pays SEC fine for mischarging LPs for compliance costs
24. PE firm and four execs charged with failure to disclose conflicts of interest
25. KKR to pay $30 million for misallocating ‘broken deal’ expenses

Regulatory Issues

1. No-action letter pries a little opening in the custody rule for non-bank adviser lender
2. Industry plows ahead one year after Blass speech, await spending SEC guidance
3. SEC approves Form PF but extends deadlines, reduces compliance burdens


1. What’s hot on PE fund adviser exams: Take care to claim credit only for the deals that you deserve to
2. Private equity fund adviser acts fast on its fee approach during OCIE exam


1. Report offers best practices for complying with private equity hot topics
2. Juggling cross-fund investing lobs a challenging catch for compliance
3. Disclosure of PE fees and expenses grows, yet vary after cascade of enforcement cases
4. GPs buttress PPMs, LPAs with co-investment disclosure
5. What expenses private funds advisers typically charge investors
6. Silver Lake adopts unique policy governing accelerated monitoring fees
7. Private equity: Use a consistent process in your challenge to value level 3 assets
8. Private equity: Sample how your PE adviser peers disclose their co-investment pursuits


1. SEC Enforcement chief Andrew Ceresney talks private equity enforcement, compliance issues
2. SEC No-Action Letter M&A Brokers: Grants some flexibility for transaction-based compensation in some M&A deals
3. Investment adviser due diligence processes for selecting alternative investments and their respective managers
4. Red Rocks Capital
5. Rule 206(4)-8 -- Pooled investment vehicles
6. Rule 204(b)-1 -- Reporting by investment advisers to private funds


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