Private Fund Update - June 30, 2014

Both the Senate and House are in recess in a holiday-shortened week. This update includes:

• SIFMA's recent guidance on "Reasonable Steps" for verifying Accredited Investor status in Rule 506(c) general solicitations;
• The conflict between the Senate and House over FY 2015 funding of the SEC;
• A report by the Private Equity Growth Capital Council (PEGCC) describing private equity investment broken down by state and Congressional district;
• The SEC's recent action against a private equity fund for violating federal pay-to-play rules regarding political contributions;
• The SEC's recent order for a tick size pilot plan; and
• Last week's Financial Services Committee hearings on SEC oversight, the Export-Import Bank, and Financial Stability Oversight Council.