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ARTICLE · 11 SEPTEMBER 2023

New SEC Rules Create Additional Requirements For Investment Advisers To Private Funds

Womble Bond Dickinson
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On August 23, 2023, the SEC adopted new rules under the Investment Advisers Act of 1940 (the "Advisers Act").

United StatesStrategy
Jennifer Erickson Ammirati
Jennifer Erickson Ammirati
Kimberly Richmond
Kimberly Richmond
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On August 23, 2023, the SEC adopted new rules under the Investment Advisers Act of 1940 (the "Advisers Act"). While certain of the rules apply only to SEC-registered investment advisers, others apply to all investment advisers to private funds, regardless of registration status. The new rules include (1) requirements to deliver specified information to investors on a quarterly basis, (2) a requirement that SEC-registered investment advisers cause each private fund that they advise to undergo an annual audit, (3) specific requirements for adviser-led secondary transactions, (4) restrictions on certain activities by advisers to private funds (subject to disclosure and/or consent exceptions in some cases), (5) restrictions on offering preferential redemption and information rights to fund investors (subject to certain exceptions) and a requirement to disclose all preferential terms granted, and (6) a requirement for SEC-registered investment advisers to document their

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