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Private Funds New Rules Securities and Exchange Commission (SEC)

Proskauer - The Capital Commitment

Mid-Year Enforcement Update: SEC’s Continued Focus on Private Funds in 2024

As we reach the midpoint of 2024, the SEC has maintained its rigorous enforcement stance on the private funds industry, proposing new rules and oversight tools to better identify and investigate market practices. As 2024...more

White & Case LLP

5th Circuit Strikes Down Private Fund Adviser Rules

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On June 5, 2024, The United States Court of Appeals for the Fifth Circuit (Fifth Circuit) vacated new rules applicable to advisers to private funds1 recently enacted by the Securities and Exchange Commission (SEC). These...more

SEC Compliance Consultants, Inc. (SEC³)

Top Tips for Updating Your 2024 Compliance Program

Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more

Dechert LLP

Treasury Proposes Investment Advisers AML/CFT Program Rule

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Treasury proposed a new rule that would require investment advisers to establish an AML/CFT program and file certain reports, such as Suspicious Activity Reports (SARs), with FinCEN (Proposed Rule). The Proposed Rule...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance (Updated)

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On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Barnea Jaffa Lande & Co.

US Regulatory Authorities Look to Increase Hedge Funds’ Transparency and Stability

In early February 2024, the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) announced new disclosure rules. These rules will apply to hedge funds and to managers of other private...more

King & Spalding

SEC Adopts Rules Requiring Certain Trading Entities, Including Certain Investment Advisers and Private Funds, to Register as...

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Section 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) defines a “dealer” as “any person engaged in the business of buying and selling securities […] for such person’s own account...more

McAfee & Taft

SEC cracks down on private fund side letters

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The side letter has been a particularly effective tool in the private fund industry, with funds and investors entering into strategic arrangements to provide more favorable terms than those given to other investors in...more

DarrowEverett LLP

How SEC’s Private Fund Rules Will Affect Use of Side Letters

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Recent client alerts have provided an overview of the new “private fund rules” adopted in late August by the U.S. Securities and Exchange Commission (SEC). These rules apply, subject to limited exceptions and carveouts, to...more

Hinshaw & Culbertson LLP

SEC Changes the Game for Private Fund Advisers – Summarizing the New "Restricted Activities Rule" and the "Preferential Treatment...

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In early 2022, the Securities and Exchange Commission (SEC) proposed a series of new rules and rule amendments aimed primarily at increasing transparency and protecting investors in private fund transactions. This August, the...more

Robinson Bradshaw

New SEC Rules Regarding Preferential Treatment for Investors in Private Funds

Robinson Bradshaw on

On August 23, the United States Securities and Exchange Commission (the “SEC,” or the “Commission”) adopted rules and rule amendments (the “PFA Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that...more

Kilpatrick

Overview of New Private Fund Rules' Scope and Compliance Dates

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The SEC recently adopted new rules (the “Private Fund Rules”) that will require additional reporting requirements and impose restrictions on certain activities of investment advisers to private funds (“Private Funds”). While...more

Dorsey & Whitney LLP

RIA Regulatory Review - October 2023

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This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers. Please contact us with any questions on the topics covered below. The SEC Adopts Significant New Rules for Private...more

Kohn, Kohn & Colapinto LLP

Gensler discusses markets “ripe with misconduct” and new SEC rules to address Changing Times

On September 12, the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. His testimony emphasized that market growth combined...more

Eversheds Sutherland (US) LLP

SEC adopts sweeping new private fund adviser rules and amendment to compliance rule

On August 23, 2023, a divided Securities and Exchange Commission (SEC) adopted far-reaching new rules and rule amendments under the Investment Advisers Act of 1940, as amended (Advisers Act). While the final rules are not as...more

ArentFox Schiff

Significant New Private Fund Rules Adopted by SEC

ArentFox Schiff on

On August 23, 2023, in its efforts to promote transparency for investors by increasing visibility into compensation schemes, sales practices, and conflicts of interest, the US Securities and Exchange Commission (SEC) adopted...more

Kennedys

Underwriters, are you ready for the new rules governing private funds advisors?

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Private equity firms are facing increased disclosure requirements and new restrictions on giving certain investors special treatment. Are current market policies sufficient to limit exposure in this new environment?...more

Stinson LLP

SEC Enhances Regulation of Private Fund Advisers

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On August 23, 2023, the Securities and Exchange Commission (SEC) voted to adopt new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to the regulation of private fund advisers (Final Rule). The...more

Warner Norcross + Judd

SEC Adopts New Rules and Amendments Affecting Private Fund Advisers

On August 23, the Securities and Exchange Commission (SEC) passed a final rule significantly increasing oversight and expanding compliance obligations for all private fund advisers, including exempt reporting advisers (ERAs)...more

Troutman Pepper

New SEC Private Funds Rules – What Is Happening and What You Need to Know - Troutman Pepper Podcast

Troutman Pepper on

On August 23, the Securities and Exchange Commission finalized the Private Funds Rules. Listen to Troutman Pepper Partner Genna Garver and Fairview General Counsel and Executive Vice President Amber Allen as they discuss the...more

McDermott Will & Emery

SEC Adopts Substantive Requirements for Advisers to Private Funds

On August 23, 2023, the US Securities & Exchange Commission (SEC) adopted new and amended rules (the New Rules) under the Investment Advisers Act of 1940 (Advisers Act) that focus on the SEC’s desire to address what it views...more

Manatt, Phelps & Phillips, LLP

SEC Adopts New Private Fund Adviser Rules

On August 23, 2023, a divided U.S. Securities and Exchange Commission (SEC) issued new rules (the Rules) relating to the regulation of private fund advisers. The Rules aim to help protect investors in private funds (including...more

Zuckerman Spaeder LLP

SEC Adopts New Rules for Private Funds: What Advisers and Investors Need to Know

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On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) finalized new rules and amendments under the Investment Advisers Act of 1940 (“Advisers Act”) to enhance the regulation of private fund...more

Fenwick & West LLP

SEC Adopts New Private Fund Adviser Rules

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On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new rules and amendments under the Investment Advisers Act of 1940. Although they have been watered down significantly from the version initially...more

Jones Day

SEC Adopts Long-Awaited and Heavily Debated Private Fund Adviser Rules

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The U.S. Securities and Exchange Commission ("SEC") adopted multiple rules that will impact private funds, governing documents, and side letters....more

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