Five most read in 2017

30 under 40: the finalists revealed

Our search for the top 30 private fund lawyers under the age of 40 has finished; now we reveal the finalists.

Earlier this year we launched our search for the rising stars of the private funds legal world. Trusted contacts, industry participants and the law firms themselves nominated both colleagues and peers, and in total we were sent 129 profiles of high-achieving lawyers under the age of 40 based around the world.

FCA study: PE takes shock hit on fee reporting

The regulator’s final report on the asset management industry will increase the regulatory burden on private equity firms.

 

UK private equity firms will be subject to new fee reporting guidelines issued by the Financial Conduct Authority to asset managers, despite being initially excluded from their scope. In its final market report on the asset management industry, published on Wednesday, the UK regulator said private equity firms should report fees and charges to institutional investors using a template drawn up for retail asset managers.

SEC to crack down on misleading marketing materials

The regulator issued a risk alert after finding consistent shortcomings in the way performance is advertised

 

Compliance with the Advertising Rule is likely to be the Securities and Exchange Commission’s next big target after an investigation uncovered several consistent shortcomings in marketing materials. n a risk alert issued on Monday, the agency said its recent “touting initiative” found fund managers frequently included misleading performance results, misleading claims about compliance with voluntary performance standards and cherry-picked performance and misleading presentations of past specific recommendations.

ILPA urges LPs to ask about credit lines

Quarterly reports to investors must be explicit on the use of subscription credit lines, while LPs must ask for data that discounts the impact of borrowed cash, the lobby group recommends.

 

Fund managers must be much more open with investors on the use of subscription credit lines and their impact on fund performance, while investors should be proactive in seeking information, according to the Institutional Limited Partner Association.

SEC fines private equity firm over conflicts

Centre Partners Management was fined for numerous conflicts of interest, despite not profiting from them.

 

Centre Partners Management, a US mid-market private equity firm, has been fined $50, 000 and reprimanded by the Securities and Exchange Commission for failing to disclose numerous conflicts of interest to its clients.