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ANALYSIS: Lessons From a PE Firm’s Compliance Failures

June 5, 2020, 8:59 AM

Last month, as part of our mid-year Bloomberg Law 2020 series, I wrote about effective compliance programs and the regulatory focus on insider trading during Covid-19.

A recent action involving a private equity firm’s failures confirms the importance of both issues. But this case has a special twist. The failures cited involve the compliance department, an unlikely recipient of enforcement actions.

Settlement

On May 26, the SEC announced a settlement with Ares Management LLC, a Los Angeles-based private equity firm and registered investment adviser. Ares agreed to pay $1 million to settle charges for failing to implement and enforce ...

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