SEC's Fund Adviser Fines A Warning To PE Firms, Attys Alike

Law360 (June 5, 2018, 8:22 PM EDT) -- The U.S. Securities and Exchange Commission's decision to fine 13 private fund advisers for repeatedly failing to file an obscure form serves as a reminder that the regulator is ready and willing to penalize private equity rule-breakers, and firms and attorneys must step up and re-evaluate whether their compliance programs are up to snuff.

The SEC late last week revealed settlements with 13 firms related to charges that they had failed to file annual reports on Form PF over a multiyear period. The agency did not discriminate based on the type of organization, hitting a variety of firms headquartered throughout the...

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