SEC Spotlight On Private Equity Fund Managers - Compliance, Examination And Enforcement Issues

The SEC's Office of Compliance Inspections and Examinations (OCIE) and the Asset Management Unit of the SEC's Division of Enforcement (AMU) have recently spoken about the focus of both Divisions on private equity fund managers. This article summarizes:

• OCIE's examination priorities for the 2013 National Exam Program as they impact private equity, and OCIE's recent Risk Alert on Adviser Custody and Safety of Client Assets;
• Remarks at The SEC Speaks in 2013 conference concerning issues identified in recent compliance examinations of private equity managers; and
• The remarks of Bruce Karpati, co-chief of the AMU, made at the Jan. 23, 2013 Private Equity International Conference, including a brief discussion of recent enforcement cases.