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The U.S. Securities and Exchange Commission is finding more regulatory lapses among private equity firms five years after gaining oversight of the industry under the Dodd-Frank Act.

Flaws include how pools for insiders such as friends and family shift certain expenses to other funds, Marc Wyatt, acting director of examinations at the SEC, said at an industry event Wednesday in New York. Other shortcomings include real estate funds overcharging for property management, and managers not collecting data to justify fees, he said.

“By far the most common deficiencies noted by our examiners in private equity relate to expenses and expense allocation,” Wyatt said.

Private equity firms had limited oversight since gaining prominence in the 1970s as partnerships of investment managers who raised money to take over, fix and resell companies. That changed in 2010 when the Dodd-Frank Act enacted after the financial crisis gave the SEC greater authority for private funds, which are typically only open to institutions and wealthy investors.

Wyatt was named acting head of the SEC’s Office of Compliance, Inspections and Examinations last month after his predecessor, Drew Bowden, said he was returning to the private sector. Bowden last year made waves when he unveiled scathing findings from a sweep into the private equity business, including improper fees and compliance failures at more than half the firms it expected.

Today, Wyatt cited issues related to the lack of disclosure regarding co-investments, which are typically offered to larger investors and tend to not have fees. The investments are made directly, alongside a fund.

“We have detected several instances where investors in a fund were not aware that another investor negotiated priority co-investment rights,” Wyatt said.