On August 23, 2023, the Securities and Exchange Commission (the SEC) voted 3-2 to adopt a final set of rules and amendments under the Investment Advisers Act of 1940 (collectively, the Final Rules) that significantly expand the regulatory compliance requirements for private fund advisers (both registered and not registered), exempt reporting advisers, State-regulated advisers, advisers relying on the foreign private adviser exemption and all other registered advisers...