The Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940 (“Final Rules”) in August 2023 that will impose a broad set of new reporting, disclosure and other obligations on advisers to Private Funds (“Private Fund Advisers”). The Final Rules have five main components: the “Quarterly Statements Rule,” “Audit Rule,” “Adviser-Led Secondaries Rule,” “Restricted Activities Rule,” and “Preferential Treatment Rule.”
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