The OCIE makes itself clear

First up: Connor Hussey reported that eVestment will announce today the addition of a performance reporting module within its TopQ analytics tool, aimed at helping GPs deal with the flood of requests amid the recent market turmoil.

OCIE: As promised in yesterday’s daily email, we have more on the Office of Compliance Inspections and Examinations’ risk alert highlighting three “general areas of deficiencies” it identified in examinations of private funds. This comes courtesy of our colleagues at sister title Regulatory Compliance Watch.

Back in May, I mentioned that it seemed the Securities and Exchange Commission had picked up the pace of actions against private funds, and that they appeared to fall into the same buckets of SEC pet peeves when it comes to private funds. That was also before Ares Management’s settlement with the SEC over alleged issues with the policies and procedures regarding material non-public information. At the time that action, along with other recent ones, was seen as a potential signal from OCIE director Pete Driscoll – who had promised the aforementioned risk alert for this year.

It seems that was largely correct; those cases were signals. Fees and expenses, conflicts of interest and material non-public information are indeed at the top of the list for the SEC’s private funds oversight.

In the article, linked above, RCW’s Bill Myers digs deeper into the alert and what it means.

Email prepared by Graham Bippart