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ARTICLE · 24 AUGUST 2023

An Early Glimpse Into The SEC's Private Funds Advisor Rule

Seyfarth Shaw LLP
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The Securities and Exchange Commission (SEC) has adopted the long awaited "Private Fund Adviser Rule" (the "PFA"). The proposed PFA was introduced on February 9, 2022 ("Proposed Rule")...

United StatesFinance and Banking
Steven Richman
Steven Richman
Jim W. Van Horn, Jr.
Jim W. Van Horn, Jr.
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The Securities and Exchange Commission (SEC) has adopted the long awaited "Private Fund Adviser Rule" (the "PFA"). The proposed PFA was introduced on February 9, 2022 ("Proposed Rule"), and the SEC has been working with the General Partner and Limited Partner communities over the past 16 months or so to finalize the rule. The final rule ("Final Rule") scales back the proposed rule, though ostensibly still enhances the regulatory landscape for private fund advisers under the Investment Advisers Act of 1940. The SEC's fact sheet provides an initial summary, and the Final Rule can be downloaded on the SEC's website. Here's a quick overview of what you need to know:

1. Enhanced Reporting and Transparency

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