Both the Senate and House are in session this week as both chambers try to wrap up what they can before the August recess. This update includes:
- The SEC's Investor Advocate's call for greater scrutiny of Investment Advisors;
- Last week's meeting of the SEC's Investor Advisory Committee;
- The Small Business Investor Alliance's recent comment letter on the SBA's Model Limited Partnership Agreement for the SBIC debenture program; and
- Today's expected House vote on FY 2015 financial services appropriations, including the SEC's budget.
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.
Private Fund Update - July 14, 2014
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