Investment Management Law: SEC Will Focus on Conflicts of Interest When Examining Private Equity Firms

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Investment Management Law: SEC Will Focus on Conflicts of Interest When Examining Private Equity Firms

SEC Will Focus on Conflicts of Interest When Examining Private Equity Firms

In a recent speech, Carlo di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations, said that OCIE will focus on conflicts of interest when examining private equity firms required to register as a result of the Dodd-Frank Act. Mr. di Florio cross-referenced the conflicts of interest principles described in publications issued by the Technical Committee of IOSCO and the Institutional Limited Partners Association. Mr. di Florio also stressed OCIE’s exam priorities including valuation of non-exchange traded securities, conflicts of interests around expense and trade allocation, portfolio compliance with advertised strategies, performance and advertising, custody, enterprise risk management, business continuity, and use of social media.

OUR TAKE: New registrant private equity firms should review the IOSCO and ILPA reports (see links below) as a roadmap for SEC compliance.

http://www.sec.gov/news/speech/2011/spch032111cvd.htm

http://ilpa.org/wp-content/uploads/2011/01/ILPA-Private-Equity-Principles-2.0.pdf http://www.altassets.com/pdfs/iosco_conflictsofinterestreport.pdf

Posted by Todd Cipperman at 3/22/2011 6:48 AM