Select Equity Group, L.P.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
2704094
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
LOENING, GEORGE, STABLER
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SWISS FEDERAL DEPARTMENT OF FINANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
SETTLEMENT

3.
Date Initiated (MM/DD/YYYY): 
05/10/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
442.2-403/FRD
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
SELECT EQUITY GROUP, L.P.
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON MAY 10, 2021, THE SWISS FEDERAL DEPARTMENT OF FINANCE ("FDF") OPENED AN INVESTIGATION AGAINST GEORGE LOENING IN HIS CAPACITY AS
DEEMED CONTROLLER OF CERTAIN U.S. INVESTMENT FUNDS ADVISED BY SELECT EQUITY GROUP, L.P. FOR A SUSPECTED VIOLATION OF THE SWISS
RULES CONCERNING THE DISCLOSURE OF SIGNIFICANT SHAREHOLDINGS IN LISTED COMPANIES. THE PROCEEDINGS WERE INITIATED PURSUANT TO
ARTICLES 120 AND 151 OF THE FINANCIAL MARKET INFRASTRUCTURE ACT (THE "FMIA"). ARTICLE 120 FMIA PROVIDES THAT WHOEVER HOLDS A
DISCLOSABLE INTEREST IN A SWISS-LISTED ISSUER MUST NOTIFY THE RELEVANT ISSUER AND THE SWISS STOCK EXCHANGE ON WHICH THE ISSUER'S
EQUITY SECURITIES ARE LISTED WITHIN A SPECIFIED PERIOD OF TIME (GENERALLY FOUR TRADING DAYS) IF THE POSITIONS HELD IN THE RELEVANT
SWISS-LISTED ISSUER REACH, EXCEED ,OR FALL BELOW CERTAIN THRESHOLDS. PURSUANT TO ARTICLE 151 FMIA, NON-COMPLIANCE WITH THESE
DISCLOSURE OBLIGATIONS IS MAY RESULT IN THE IMPOSITION OF A FINE OF UP TO CHF 10 MILLION IN THE CASE OF AN INTENTIONAL BREACH, AND
OF UP TO CHF 100,000 IN THE CASE OF NEGLIGENCE. ON MAY 19, 2021, THE FDF NOTIFIED MR. LOENING THAT IT HAD DETERMINED THAT HE HAD
NEGLIGENTLY BREACHED THE DISCLOSURE OBLIGATIONS REFERRED TO ABOVE BETWEEN AUGUST 16, 2016 AND JANUARY 27, 2017, AND THAT THE FDF
IS CONSIDERING IMPOSING A FINE. ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION
REGARDING CROSSING OF THE 5% VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND
RECEIVING THE PAYMENT, THE FDF HAS AGREED TO DISCONTINUE THE PROCEEDINGS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
11/08/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
THE AMOUNT LISTED ABOVE IS IN SWISS FRANCS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION REGARDING CROSSING OF THE 5%
VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND RECEIVING THE PAYMENT, THE FDF
HAS AGREED TO DISCONTINUE THE PROCEEDINGS.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION REGARDING CROSSING OF THE 5%
VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND RECEIVING THE PAYMENT, THE FDF HAS

AGREED TO DISCONTINUE THE PROCEEDINGS.