SEC Private Fund Adviser Rules Resources
Regulatory change is here for Private Fund Advisers
The U.S. Securities and Exchange Commission (SEC) has now finalized five new rules as well as amendments to Rules 204-2 and 206(4)-7 under the Investment Advisers Act of 1940 (the Advisers Act), known as the Private Fund Adviser Rules (IA-5955). With a publish date in the Federal Register of September 14, 2023, the clock is ticking for private fund managers to comply.
Our team can help you to adapt to the evolving regulatory landscape while considering the complexity of your firm’s unique compliance requirements.
To help you get started, we've pulled together a few resources and insights you may find valuable as you navigate the path forward.
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Webcast Series: Demystifying the Private Fund Adviser Rules
Demystifying the Private Fund Adviser Rules
The Private Fund Adviser Rules (IA-5955) was adopted on August 23, 2023 after 18 months of discussions and changes to the proposed rules and amendments. The Final Rules 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.
This webcast uncovered what these Rules will mean for your firm and provide actionable steps to prepare for the pending compliance date
Private Fund Adviser Rules Deep Dive - Quarterly Investor Reporting
This webcast provides a deep analysis into the new requirements for quarterly investor reporting, how it impacts firms, and provides actionable steps for compliance with these new requirements.
What you will learn:
- Timing of Quarterly Statements
- What is required to be included in the Quarterly Statement
- Disclosure requirements for fees and expenses
- Record keeping and delivery requirements
- Considerations for the SEC Marketing Rule
Private Fund Adviser Rules Deep Dive - Restricted Activities and Limitations to Preferential Treatment
This webcast focuses on restricted activities and limitations to preferential treatment imposed by the rule and provide actionable steps to prepare for the pending compliance date.
Discussion topics include:
- The scope, specific requirements, and practical implications of the Restricted Activities and Preferential Treatment rules
- Ways that advisers can comply with the new rules
- Likely implications for relationships between managers and limited partners
Private Fund Adviser Rules Deep Dive - Audit Rule, Adviser-Led Secondaries, & Documenting of Annual Compliance Program Reviews
This webcast breaks down the Audit Rule, adviser-led secondaries, and the new requirements for the annual compliance program review and provide actionable steps to prepare for the pending compliance date.
Private Fund Adviser Rules Cheat Sheet
Unlock the complexity of the SEC Private Fund Adviser Rules with our cheat sheet, designed to simplify this intricate regulation.
Private Fund Adviser Rules Timeline to Comply
Discover the specific phases and timeframes required for a smooth and compliant journey to the rule’s deadlines.
Private Fund Adviser Rules FAQs
Access a source for answers to common questions to help you better understand your obligations to meet the new regulations.
SEC Private Fund Adviser Rules Solutions
Regulatory change is here for Private Fund Advisers. Our unique blend of regulatory advisory, investment performance, and technology services, provides an end-to-end solution to help firms holistically address all elements of the new rules.
Relevant Insights
SEC Private Fund Adviser Rules: What Made the Cut
The SEC recently voted to adopt new rules and amendments, known as the Private Fund Adviser Rule. Here's a summary of the new rules and how they changed from the original proposals.
- Compliance
- Performance
- Private Fund
SEC Adopts Private Adviser Rules – What Firms Should Know
The SEC’s recent vote to adopt the Private Fund Adviser Rule (IA-5955) presents some of the most significant private funds regulatory reform since the Dodd Frank Act. Read our summary of the Final Rules and our guidance for firms.
- Compliance
- SEC
- Private Fund
Is Now the Right Time for Compliance with the GIPS Standards in Private Markets?
The Global Investment Performance Standards are no longer just a gold standard for the presentation of investment performance, but can also aid advisers to meet new regulations.
- Performance
- Private Fund
U.S. Regulatory Update – June 2023 Edition
This month's update includes insights regarding the SEC’s largest whistleblower award, FINRA’s first expulsion for firm’s Reg BI failures, and more.
- Compliance
- SEC
Private Markets Quarterly Update: Q3 2022
Learn more about recent regulatory developments and industry insights in our Private Markets Quarterly Newsletter.
- Compliance
- SEC
- Private Fund
SEC’s Rule Proposals Seek to Reform the Private Fund Industry
The rules proposed by the SEC earlier this year revealed how the SEC’s examination and enforcement agenda is likely to unfold in the coming months and years, regardless of the ultimate outcome of those rules. Find out what your firm should be doing in light of these proposals.
- SEC
- Compliance
- Private Fund
Impact of Proposed Regulations on Real Estate Advisers
The SEC staff under Chair Gary Gensler have been busy developing a raft of proposed new rules that could have big implications for real estate advisers, in particular those that are vertically integrated.
- Compliance
- Private Fund
SEC Signals Desire for Reevaluation of Private Markets Regulation
Public remarks show that growth of the private markets industry is spurring interest by SEC senior staff. What does this mean?
- Compliance
- Private Fund
SEC Proposes Sweeping Changes Affecting Private Fund Managers
On February 9, 2022, the SEC proposed five new rules as well as amendments to Rules 204-2 and 206(4)-7 under the Investment Advisers Act of 1940, as amended. According to the SEC, these proposals are designed to address "concerns that arise out of the opacity that is prevalent in the private fund structure."
- Compliance
- Private Fund