On February 12, 2019, the Institutional Limited Partners Association (ILPA) submitted a letter to the Securities and Exchange Commission (SEC) asking the SEC to take certain steps to ensure that investment advisers in the private equity market are subject to fiduciary duty requirements. The SEC has recently focused on devising a comprehensive interpretation of the fiduciary duties that investment advisers owe to their clients. ILPA has been vocal on this topic and has submitted two prior letters in addition to this most recent one and attended various meetings with the Chairman, Commissioners and staff of the SEC. For parties on both sides of the issues, ILPA’s advocacy and the SEC’s response bear watching.
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