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SEC Chair Gary Gensler spoke earlier today at the Institutional Limited Partners Association (ILPA). The full text is available here.
The speech is remarkable because it marks a significant shift in SEC attention to the biggest issues affecting institutional investors in private markets. Highlights include the following:
  • Fees in private investments are not reflecting fee reductions in public investment vehicles.
  • The SEC will examine ways to reduce conflicts of interest in private investments.
  • The SEC will look at what it recognizes as the inequities of side letters.
  • Fiduciary duty waivers violate the Advisers Act, regardless of the investor’s sophistication.
  • Form PF can be improved to extract better and timelier information.
There will be a great deal of attention on this speech in the financial markets, and for good reason.
We anticipate seeing helpful rulemaking from the SEC in the next 6-12 months.
Please let us know if you have any questions or would like to discuss this development.

Media Contact

Luis F. Ruiz

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