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A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency. Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various divisions, including Examinations, Corporation Finance, and Enforcement. Presumptive incoming SEC Chairman Gary Gensler also indicated during his March 2, 2021 Senate confirmation hearing that ESG considerations would be on his radar when setting his agenda. But Commissioners Peirce and Roisman issued their own statement in which they question (in a rather sardonic manner) whether the announcements “raise more questions than they answer.”
Compliance slip? Hundreds of firms fail to file Form CRS with SEC
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SEC Creates New ESG Enforcement Task Force
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Dover schools now eye 33 job cuts to meet tax-cap budget
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SEC Enforcement and Exams Likely to Focus More on Private Funds in the New Administration
For the next several weeks and months, intense focus will be trained on determining the priorities of the Biden administration. We believe that at the Securities and Exchange Commission (“SEC”), the new administration will ramp up examinations and investigations of investment advisers, and specifically advisers to private funds.
The industry has certainly been in growth mode. By the SEC’s own calculations, the number of private funds increased by nearly one third during the past four years (from 26,840 funds in the first quarter of 2016 to 34,858 in the first quarter of 2020), and the aggregate net asset value increased likewise (from $6.9 trillion in the first quarter of 2016 to $9.5 trillion in the first quarter of 2020).