The top U.S. securities regulator has increased its scrutiny of private funds th...
NEW YORK - The top U.S. securities regulator has increased its scrutiny of private funds that make higher-risk loans over the last two years, according to a Reuters review of SEC actions and industry and regulatory sources — just as fears of a global recession hit the booming private credit market.
A spokesman for the SEC declined to comment. A Commission staffer who spoke on condition of anonymity confirmed that private debt funds were an area of increased focus given money pouring in to them, increased risk in their loans, and room for pricing manipulation, especially in a recession.Private debt funds manage hundreds of billions of dollars globally but, unlike banks, are not subject to the same stress tests and capital requirements.
Ross has departed DLI, which is now in receivership with an expected recovery of no more than 40% of its par value. “These funds are obvious targets for SEC action given the strong temptation for accounting shenanigans on loans,” said Howard Fischer, a former senior SEC enforcement attorney now working at law firm Moses & Singer LLP.BOOMING BUSINESS
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