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Recent years have seen the US Securities and Exchange Commission (SEC) turn a focused eye to private funds and their managers. Dodd-Frank Wall Street Reform and Consumer Protection Act’s regulatory and reporting regimes have given the SEC a look at nearly 30,000 private funds managed by more than 4,500 registered advisers and exempt reporting advisers (ERAs). Over the past five years the SEC has used this data to tailor its examination of registered private fund advisers and their operations. Now, it would seem, they may be ready to turn to ERAs.

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