The asset management industry has never been far from the gaze of regulators. But when the Securities and Exchange Commission (‘‘SEC’’) opened a special Asset Management Unit in 2010, it was clear the industry would be the subject of increased federal scrutiny. Since that time, there has been a steady rise in enforcement actions against asset managers and investment companies as regulators try to grapple with this complex and growing area. Add in new registration requirements for some private fund advisers under the Dodd-Frank Wall Street Reform and Consumer Protection Act, plus removing limits on general solicitations under the Jumpstart Our Business Startups Act, and the reasons for greater regulatory focus on this sector become apparent.
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