On August 15, 2025, the Securities and Exchange Commission (“SEC”) issued an order settling proceedings against TZP Management Associates, LLC (“TZP”) for allegedly miscalculating management fee offsets between 2018 and 2023....more
8/22/2025
/ Contract Terms ,
Disclosure Requirements ,
Enforcement Actions ,
Enforcement Priorities ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
Two SEC enforcement actions from earlier this month, each including charges against a firm’s Chief Compliance Officer in their personal capacity, underscore the importance of maintaining accurate records and upholding...more
8/1/2025
/ Books & Records ,
Chief Compliance Officers ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Misleading Statements ,
Penalties ,
Personal Liability ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
Amid a challenging environment for exits, especially in the wake of the recent market volatility, private fund managers continue to pursue alternative strategies, such as term extensions and liquidity solutions, to ride out...more
With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more
6/18/2025
/ Enforcement Actions ,
Enforcement Priorities ,
Fund Managers ,
Investment Advisers Act of 1940 ,
Investment Management ,
Private Funds ,
Regulatory Reform ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Over the past year, regulatory scrutiny of the credit markets has intensified, with the SEC investigating the potential use of material nonpublic information (“MNPI”) relating to credit instruments. The SEC brought a number...more
On April 8, 2025, Acting SEC Chairman Mark T. Uyeda gave a speech signaling that the SEC may revisit the current minimum assets under management (“AUM”) threshold for federal registration, potentially reducing the number of...more
Markets remain exceptionally volatile following the announcement of the U.S. “Liberation Day” tariffs and retaliatory measures from other countries. While the ultimate path of policy remains uncertain, recent developments are...more
4/11/2025
/ Disclosure Requirements ,
Fund Managers ,
Investment ,
Investment Advisers Act of 1940 ,
Investors ,
Liquidity ,
Market Volatility ,
Portfolio Companies ,
Private Funds ,
Regulatory Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
Valuation