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ARTICLE · 04 JULY 2024

Private Funds Radar - July 2024

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The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

GlobalFinance and Banking
Samuel Brooks
Samuel Brooks
Chris Daniel
Chris Daniel
Christopher Good
Christopher Good
Harriet Miller
Harriet Miller
Stephen Robinson
Stephen Robinson
Stephen Ross
Stephen Ross
Peter Chapman
Peter Chapman

The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

US

Private fund adviser rule overturned

In an eagerly awaited judgment, the US Court of Appeals for the Fifth Circuit on 5 June 2024 overturned the SEC's private fund adviser rule.

The SEC adopted the rule in August 2023. Imposing a set of five different obligations (relating to restricted activities, preferential treatment for investors, quarterly statements, audits, adviser-led secondaries and written annual reviews) the rule's application to a private fund sponsor would have varied depending on the sponsor's registration status with the SEC, its domicile (US or non-US) and the domicile of its private funds (as described in our quick guide).

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