FAQs: Top Questions Answered About the SEC's Private Fund Adviser Rules


ACA Group

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  • Compliance
  • Performance
  • ComplianceAlpha
  • Private Fund

The U.S. Securities and Exchange Commission's (SEC's) Private Fund Adviser Rules (IA-5955) are arguably the biggest regulatory development for the industry since the Dodd-Frank Act, and will impact both SEC-registered and unregistered private fund managers. Closing out at 660 pages, the Final Rules place a weighty burden on compliance professionals to decipher the language and determine next steps for compliance.

We've put together answers to some of the most common questions we have been asked while deciphering these rules for our clients.


How we help

The new Private Fund Adviser Rules require substantial implementation efforts with varying deadlines, the implications of which private fund advisers should begin considering and planning for now. This includes undertaking readiness assessments and developing detailed project plans to manage all the changes and interdependencies. 

Our people, processes, and technology can help simplify this task and help address all six of the new rules with:

  • Private Fund Adviser Rule Readiness Assessment: Our tailored solution is designed to evaluate your firm's compliance program and investor reporting for alignment with these new rules.
  • Quarterly Statements Solutions: Our tailored quarterly statement solutions help you navigate the complicated process and specifics around what is shown on these statements and how it must be calculated.
  • ACA Signature: Our customized solutions combine compliance advisory, innovative technology, and managed services to provide expert solutions to assist firms with rule interpretation as well as modification and implementation of a firm’s compliance program.

Reach out to your ACA consultant or contact us to find out how we can help your firm comply with these rules.