SEC Charges Investment Adviser for Policies and Procedures Failures

The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser OEP Capital Advisors, L.P (“OEP”) for failing to maintain and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information (“MNPI”) and to implement written policies and procedures reasonably designed to prevent misleading communications to current and prospective investors in the privately-offered, private-equity funds that OEP advises. According to the SEC’s order, since at least 2019, OEP made numerous statements to current investors, potential investors and industry contacts that violated OEP’s policies and procedures concerning disclosure of merger-related MNPI and communication of OEP fund performance claims. Further, the order finds, in various business contexts, OEP violated its written policies and procedures on when it was appropriate to disclose MNPI.

Source: SEC Charges Investment Adviser for Policies and Procedures Failures