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US Private Equity Fund Compliance Guide

If you are looking for something to read during the long Thanksgiving Weekend or a great holiday present, pick up a copy of the newly released The US Private Equity Fund Compliance Guide, Volume III. PEI Media just released this follow up that updates the original 2012 edition with the ongoing review and actions of […]

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The SEC Frowns Upon Outsourced CCOs

Apparently, the Securities and Exchange Commission was running a sweep of firms with outsourced CCOs. The Office of Compliance Inspections and Examinations “stopped by” 20 registered firms that outsourced their CCOs to third parties. The SEC published a new risk alert to let us know what they found. Surprisingly, the SEC did not paint a […]

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Net of Fees Performance Figures

Last year, the U.S. Securities and Exchange Commission looked at how many private equity firms calculate net of fees internal rates of return for their funds. The focus was on whether the performance figures disclosed if general partner investments are included in or excluded from that calculation. General partners in a private equity fund typically […]

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KC Royals

KC Royals and Compliance

Congratulations to the Kansas City Royals on winning the World Series. It was their first World Series in thirty years and a year after their heart-breaking loss in Game 7. Mrs. Compliance Building is from Kansas City and ecstatic about the club’s turnaround. The Mets faltered last night because of emotion. Starting pitcher Matt Harvey […]

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Another Reminder of the SEC’s Concerns About Private Funds

You have likely heard all or some of these concerns before. Securities and Exchange Commission Chair Mary Jo White spoke at a meeting of the Managed Funds Association and pointed out areas of concern. One thing to note is Chair White stated that the Private Funds Unit in OCIE is completing a review of private […]

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Fund Managers, Legal Fees, and Fund Expenses

The Securities and Exchange Commission brought an action against Blackstone for failing to disclose fees received from portfolio companies and for discounts from legal firms that it worked with, but without passing these savings on to investors. The monitoring fee issue has been discussed in compliance circles for some time. The legal fees action is […]

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75th anniversary

75th Anniversary Celebration: Investment Company and Investment Advisers Acts

The SEC is hosting a conference Tuesday, September 29 to commemorate the 75th Anniversary of the Investment Company Act and the Investment Advisers Act.  The event will include remarks from SEC Chair Mary Jo White and fellow commissioners, as well as a series of panel discussions featuring industry pioneers, former SEC chairmen and division directors, […]

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The SEC’s Cybersecurity Smackdown

Last week the Securities and Exchange Commission issued a new risk alert on cybersecurity and this week the SEC announced a new action for a cybersecurity breach. The action is just as bad as I thought it could be. It also shows that the SEC is misplaced in being a cybersecurity enforcer. R.T. Jones Capital […]

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Cybersecurity Exams Part II: More Governance

Last year, the Securities and Exchange Commission raised a cloud of concern when it started its cybersecurity initiative aimed at broker/dealers, investment advisers and fund managers. Based on an interview in April it seems that initiative would continue into a phase 2. The SEC recently released its OCIE’s 2015 Cybersecurity Examination Initiative. According to the […]

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Riverfront relaxtion

Vacation Reset For Your Compliance Program

Many of you, like me, are back from vacation or a Labor Day barbecue. I’m still washing sand out of my shoes and rubbing aloe on my skin that was in the sun too long. After being away from the office, my email box is filled with messages that should be returned, issues that need […]

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