The end of September marked the close of the 2023 fiscal year for the United States Securities and Exchange Commission (the “SEC”). In remarks last week, SEC Director of Enforcement, Gurbir Grewal, noted that, “[w]hile we have not yet released our 2023 fiscal year-end numbers, I can give you a sneak preview: we had another incredibly productive year on behalf of the investing public.” Focusing on private funds, Director Grewal stated earlier this year that private funds were a “substantive priority area” for the Division of Enforcement—and that has certainly been borne out in the 2023 docket.
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Taking stock of the last fiscal year, we expect 2024 to reflect enhanced scrutiny of the private funds industry, with an increasing risk of enforcement referrals in the examination context, an appetite to pursue enforcement actions for relatively minor violations and the risk of substantial penalties….
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