SEC priorities may be shifting, but recent enforcement action points to continued scrutiny of managers, says McDermott Will & Schulte's Marc Elovitz. This article is sponsored by McDermott Will & Schulte.

What do recent U.S. Securities and Exchange Commission actions signal about the scrutiny private fund managers are likely to face? Marc Elovitz notes that recent SEC enforcement and examination activity focused on private fund managers demonstrates continued scrutiny of fiduciary obligations, including with respect to fees, expenses and conflicts of interest.

The regulatory environment remains intense despite potential shifts in SEC priorities. Private fund managers should remain vigilant about compliance with fiduciary duties, particularly regarding fee transparency, expense allocation, and conflict-of-interest mitigation.