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ARTICLE · 02 SEPTEMBER 2024

SEC Private Funds Rule – Roadblocks To Regulation

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On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules and rule amendments to enhance the regulation of private fund advisers.

United StatesFinance and Banking
Steve Maiolica
Steve Maiolica

On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules and rule amendments (the "Private Fund Adviser Rules") to enhance the regulation of private fund advisers. These rules and amendments were designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.

The rules required SEC-registered investment advisers ("RIAs") to provide investors with quarterly statements detailing certain information regarding fund fees, expenses, and performance. In addition, RIAs were required to obtain and distribute to investors an annual financial statement audit of each private fund it advises and, in connection with an adviser-led secondary transaction, a fairness or valuation opinion.

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