Both the Senate and House are in session this week, with the House Financial Services Committee holding three relevant hearings. This update includes:
- The SEC's recent action against a private equity fund for violating federal pay-to-play rules regarding political contributions;
- This week's Financial Services Committee hearings on SEC oversight, the Export-Import Bank, and Financial Stability Oversight Council;
- The results of last week's House Financial Services Committee markup on FSOC bills;
- The House Appropriations Committee's funding of the SEC and SBA; and
- A report by the Private Equity Growth Capital Council (PEGCC) finding that nearly three-fourths of PE professionals surveyed said that a majority of their portfolio companies are hiring.
Note: The head of the SEC's Office of Compliance Inspections and Examinations recently gave a speech (described below) warning private equity managers about several areas where PE funds are failing to meet their obligations under the Investment Advisers Act. A key problem area is the issue of fees and expenses charged by the general partner.
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