New SEC Enforcement Chief Lays Out Private Market Priorities
The Securities and Exchange Commission‘s newly minted director of enforcement, David Woodcock, said the division is closely monitoring the potential risks in the private fund space, including those in the private credit market.
In a speech at the Managed Funds Association policy forum Wednesday, Woodcock said that amid efforts to broaden retail investor access to private markets, the SEC is “attuned to potential risks relating to liquidity, fees, valuations and conflicts of interest — not only at the private fund adviser level but throughout the distribution chain.”
“In the investment adviser space, the enforcement division will remain active,” Woodcock said. “We will continue to pursue matters involving misappropriated client assets, inadequate safeguarding of assets; misleading strategy disclosures; undisclosed fees and expenses; fraudulent valuations and mismarking; prohibited trading practices; and undisclosed conflicts of interest.”
Read more on what STP’s subject matter expert, Cynthia Kelly had to say here.
