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ARTICLE · 30 AUGUST 2023

SEC Finalises Private Fund Adviser Rules

Travers Smith LLP
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Although the New Rules are less onerous than the Original Proposals, they will still have a significant impact on the private funds industry, not only for registered investment advisers...

GlobalCorporate/Commercial Law
Phil Bartram
Phil Bartram
Victoria Bramall
Victoria Bramall
Emily Clark
Emily Clark
Jeremy Elmore
Jeremy Elmore
Katie McMenamin
Katie McMenamin
Will Normand
Will Normand
James Ravden
James Ravden
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Michael Raymond
Danny Riding
Danny Riding
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The US Securities and Exchange Commission (the "SEC") has recently adopted new rules under the Investment Advisers Act of 1940 (the "Advisers Act") (together, the "New Rules"), based on a set of proposals originally set out in February 2022 (the "Original Proposals").

Although the New Rules are less onerous than the Original Proposals, they will still have a significant impact on the private funds industry, not only for registered investment advisers ("RIAs") in the US but also other investment advisers outside of the US (including exempt reporting advisers ("ERAs") i.e. firms which are exempt from full SEC registration under an exemption but who may still need to file a Form ADV with the SEC.

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