The Securities and Exchange Commission (SEC) turned its
attentions to private equity (PE) in 2012 and introduced the
need for funds to register, a game changer for the industry at
the time. Four years on, counsel are considering the impact of
Key themes are changes in disclosure practices and an
increasingly sophisticated SEC understanding of what funds do
and why. And in practical terms, PE funds themselves are
learning to live with increased scrutiny.
"Post-registration, it’s perpetually the case
that at any point, the SEC could come in," said Eva Carman,
partner at Ropes & Gray. "This ability to come in
gives the SEC a much better insight into what’s
From the perspective of the PE industry,
there’s the perception of a serious uptick in
"The SEC is cracking down and taking a much closer look
under the hood...