News & Insights: Jeremy McCamic

Jeremy leads the Policy Management team, which is responsible for staying current with regulatory changes and how they impact the firm’s investment adviser clients.

SEC Charges 10 More Firms for Off-Channel Communication Failures

On September 29, 2023, the SEC charged five broker-dealers, three dual registrants, and two affiliated investment advisors with “widespread and longstanding failures to maintain and preserve electronic communications,” according to the SEC’s press release. The ten firms will pay combined penalties of $79 million. Each firm was also censured and served a cease-and-desist order.

SEC Adopts Amendments to “Name Rule”

The SEC adopted enhancements to the Investment Company Act “Names Rule,” aiming to address names for a registered investment company or business development company (“BDC”) that could be misleading or deceptive.

Nine Advisers Charged with Hypothetical Performance Violations

On September 11, 2023, the SEC announced charges against nine registered investment advisers for advertising hypothetical performance to a mass audience on their websites without meeting the requirements of the Marketing Rule. All nine firms have agreed to settle and will pay penalties ranging from $50,000 to $175,000.

SEC Charges Five Advisory Firms for Custody Rule Violations

On September 5, 2023, the SEC charged five investment firms who failed to comply with requirements regarding safekeeping of client assets, and/or to timely update disclosures relating to audits of financial statements for private fund’s they advise.

Private Equity Firm Will Pay $20.5 Million Following Fee Disclosure Enforcement

On September 5, 2023, the SEC charged private equity firm Prime Group Holdings LLC with “failing to disclose millions of dollars of real estate brokerage fees” that a fund managed by the firm paid to the firm’s affiliate.

Private Fund Trade Groups Sue SEC Over Private Fund Reforms

On September 1, 2023, six private equity and hedge fund trade groups sued the SEC to block new private fund reforms adopted in August. The suit was filed in the Fifth Circuit Court of Appeals and argued that the SEC overstepped its statutory authority by adopting sweeping changes with these new rules for private funds.

Divided SEC Adopts Private Fund Adviser Reforms

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers and to update the Compliance Rule for all investment advisers.

SEC Risk Alert on the New Marketing: Additional Areas of Focus for Examinations

EXAMS published a risk alert to inform investment advisers, including advisers to private funds, about areas of emphasis for examinations focused on Rule 206(4)-1 of the Investment Advisers Act of 1940. 

DOL Voluntarily Dismisses Appeal to Defend DOL PTE Fiduciary Guidance

The Department of Labor (DOL) voluntarily dismissed its appeal of the district court decision that struck down the DOL’s fiduciary reinterpretation of fiduciary status for advisers making rollover recommendations to retirement investors. 

Certain Form PF Filers Will Have New Questions, More Reporting :: Impacts Advisers to Private Equity Funds and Large Hedge Funds

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to the Form PF. This rule will impact all Form PF Large filers and all Form PF filers who manage private equity (PE) funds.

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