Private Fund Update - 19 May 2014

Note: The head of the SEC's Office of Compliance Inspections and Examinations recently gave a speech (details 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.

Both the Senate and the House are in session for what should be a busy week. This update includes:

• The major speech given by Andrew Bowden, Director of the SEC's Office of Compliance Inspections and Examinations (OCIE), on the compliance shortcomings his office is observing in the private equity industry;
• Today's Financial Stability Oversight Counsel (FSOC) conference on the asset management industry;