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Featured Article SEC Staff Statement on Private Credit and Practical Expedient Valuation

The statement is directed primarily at registered closed-end, interval and tender offer funds, BDCs, and private funds registered under the Exchange Act, but its concepts apply equally to any fund holding private credit or fund interests acquired through secondaries.

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Analytical Note

First Ever Marketing Rule Enforcement Case Illustrates “Fair and Balanced” Standard

The case against a FinTech investment adviser creates an important precedent.

Analytical Note

Conflicted Transaction in Support of a de-SPAC by a Private Equity Firm

The private equity manager’s funds invested in a transaction sponsored by entities owned by the firm’s principals.

Analytical Note

Improper Evaluation of Permanent Impairment

The case involved a complex set of impairment criteria which were not disclosed to investors.

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Three Exam Myths Debunked

Addressing common misconceptions about SEC examinations

Analytical Note

Poorly Implemented Valuation Policies and Procedures

A manager was charged with having insufficient policies and procedures to support Level 3 asset valuation.

Analytical Note

SEC Adopts Form PF Amendments

The modifications increase examination risk for RIAs particularly in situations where there is portfolio distress.

Analytical Note

Fraudulent Cross Trades and the Limits of Pricing Services

The charges related to inappropriate cross trades which resulted in the inflation of valuation and NAV-based fees.

Analytical Note

SEC Brings Case Against an Auditor in Connection with a Private Equity Valuation

Rule 102(e) cases against auditors are extremely rare, particularly involving valuation matters.

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Investment Allocation

Analyzing the potential risks and benefits of various allocation methodologies

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