Clifford Chance

Recent SEC Settlement Highlights SEC's Continued Focus on Fees & Expenses

30 April 2020

On April 22, 2020, the United States Securities and Exchange Commission announced its latest settlement with a private equity fund manager, Monomoy Capital Management, L.P. The order demonstrates the SEC's continued focus on disclosure of monitoring fees and expenses. In light of the SEC's continued focus on monitoring fee disclosure, fund managers should review their Form ADV, offering memoranda and related disclosures regarding fund expenses and fees to ensure those disclosures prominently and accurately identify fees and expenses that are borne by investors.

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