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States want beneficial owners on Form D.
US Securities and Exchange Commission
Led by a Democratic majority, the new Commission is likely to take a different tack on private funds under Gary Gensler than under his predecessor. Compliance pros tell us what funds can do to stay on the SEC’s good side.
PFCFO cover art FebMar21
New guidelines clear away a web of no-action letters and provide new guidance, possibly opening up the opportunity for private funds to innovate, but coming with their own complexities.
For private equity, the turbulence of the past 12 months will inform case studies and playbooks for years to come.
The industry remains poised on the cusp of inevitable reform, despite a generally positive view of the political landscape.
Of the 16 registered private funds that faced discipline this year, only one disclosed a pending SEC enforcement matter in advance.
Some of the most notable enforcement cases of the year show the SEC isn’t just looking to levy fines in instances where investors are caused harm, but anywhere it thinks there are insufficient systems to prevent investor harm.
The regulator gave the private funds industry its ‘playbook’, and now expects funds to execute. This year’s enforcement actions shows the SEC is taking a proactive approach to oversight.
Private equity remains firmly in regulators’ sights, despite marked improvements in transparency.
There are countries that show including alternatives in DC pension plans is achievable, but not without pain points.
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