On May 20 and 21, members of ACG’s Private Equity Regulatory Task Force (PERT) convened for two days with policymakers at ACG’s inaugural fly-in event in Washington, D.C.
The event included roundtable sessions with lawmakers from the House Financial Services Committee and regulators with the U.S. Securities and Exchange Commission. The schedule also featured information-packed sessions and updates from Bloomberg Intelligence highlighting industry topics for the middle-market private equity industry in the 114th Congress.
ACG formed PERT in October 2014, gathering middle-market private equity chief compliance, financial and legal officers to help address regulatory challenges faced by middle-market private equity funds. More than 20 middle-market private equity professionals from around the country gathered to discuss policy and regulatory compliance best practices with executive and legislative branch decision-makers, including SEC Commissioner Michael Piwowar, a Republican.
PERT members also discussed the creation of industry best practices called “PERT Principles.” As these are developed, PERT expressed the desire to work with all stakeholders, legislators and regulators to develop guidelines and enhance compliance programs for middle-market private equity firms.
“The meetings with both legislators and senior SEC staff were quite productive and included a vibrant exchange of ideas,” said April Evans, partner, CFO and COO of Monitor Clipper Partners, a middle-market private equity firm. She noted that going forward, PERT will focus in part on educating the industry about the importance the SEC places on disclosure and transparency.
The fly-in provided the opportunity for PERT members to have direct dialogue with legislators and regulators regarding education and advocacy initiatives around middle-market private equity firms. This engagement is crucial to the industry’s continued ability to contribute to the growth of the middle market and the mission of PERT.