Douglas Rappaport Comments on New SEC Private Funds Unit
Douglas Rappaport, a partner in Akin Gump’s litigation practice, is quoted by FundFire in an article about a new unit being created by the Securities and Exchange Commission to focus specifically on hedge funds and private equity firms.
The new unit, according to the article, aims to help the SEC gain expertise in the private funds area following enactment of the Dodd-Frank law, which requires many hedge funds and private equity firms to register for the first time with the agency. Rappaport describes this as “a positive development for all players in the private funds field.”
Staffing for the unit, the article reports, will likely be a combination of new hires with specific industry knowledge and existing examiners who will need some on-the-job training. For those at the senior level, Rappaport says the SEC will probably get “folks with practical experience in the field and also pay greater attention to training others that are in this group to make certain they also have specialized knowledge as to how these private funds operate.”