In a recent speech, Andrew Ceresney, director of the Division of Enforcement of the U.S. Securities and Exchange Commission ("SEC"), signaled that the Division of Enforcement (“Division”) will continue to focus on private equity. His comments are instructive on the Division’s views of the private equity market, which place a particular emphasis on requiring transparency. He also identified defenses often raised in private equity enforcement actions that the Division does not find persuasive. This speech, the keynote at the Securities Enforcement Forum West in San Francisco, is available online here.
Click on PDF above to read some of the most significant topics Ceresney discussed.