Private Equity Compliance Update: Conflicts of Interest, Fees and Expenses, Nonpublic Information

Current SEC Focus and What to Expect From the Incoming Administration

A live 90-minute premium CLE video webinar with interactive Q&A

Thursday, February 25, 2021

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, January 29, 2021

or call 1-800-926-7926

This CLE webinar will discuss current compliance issues highlighted by the SEC after examining private fund advisers in 2020. The panel discussion will include conflicts of interest in fund activities and investments, fees and expenses disclosures, and issues with the treatment of nonpublic information.


The SEC's Office of Compliance Inspections and Examinations (OCIE) recently issued a risk alert on private fund advisers' deficiencies. This guidance focuses on disclosure deficiencies regarding conflicts of interest and fees and expenses, and treatment of material nonpublic information (MNPI), among other compliance issues. Advisers and their counsel should carefully evaluate fund policies and procedures to avoid the pitfalls described in the OCIE Risk Alert.

Conflict of interest disclosures should include client investments, co-investment opportunities, and allocations within the fund. Special concerns arise when fund managers operate multiple funds that involve both debt and equity investments. Sponsors should have policies and procedures in place that properly allocate investments and resources between their PE and private credit funds.

Counsel to funds should thoroughly assess advisory fees and expense practices and clearly disclose fees and expenses allocated to the fund. Regular reviews should be conducted, and internal policies should set forth procedures to remediate any violations and prevent future violations. Regarding the treatment of MNPI, managers should have internal processes for adding and removing restricted securities, enforcement of trading restrictions, and approval of personal securities transactions.

Listen as our authoritative panel provides an update on compliance issues currently emphasized by the SEC in its examinations and best practices for private equity advisers to address them.



  1. OCIE regulation of PE funds generally: types of funds and activities subject to examination
  2. Highlights from recent risk alert
    1. Conflicts of interest
    2. Fees and expenses
    3. Restricting the use of MNPI
  3. Other compliance issues
  4. What to expect from the Biden administration


The panel will review these and other important issues:

  • What are the key areas of focus in the recent OCIE Risk Alert?
  • What are the sources of conflicts of interest in fund management, and how should they be disclosed to investors?
  • Why are fees and expenses violations so common, and what steps should funds take to ensure fees and expenses are fully disclosed?
  • What kind of internal processes should be put in place to handle MNPI?


Browder, Justin
Justin L. Browder

Willkie Farr & Gallagher

Mr. Browder concentrates his practice on counseling investment advisers, investment funds, and broker-dealers...  |  Read More

Choe, Anne
Anne C. Choe

Willkie Farr & Gallagher

Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment...  |  Read More

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