In August 2023, the U.S. Securities and Exchange Commission adopted new rules and amendments to rules under the Investment Advisers Act of 1940, as amended, affecting registered and unregistered advisers to private funds. We created this guide to be a tool for business, operational, and legal teams to reference as they navigate the new regulatory requirements of the Final Rules.

As opposed to a pure summary of the rules, this guide was formulated based on client questions we received and our observations of industry participants’ practical concerns. We seek to address those topics and others we have identified as significant for private fund managers and their teams to consider as they continue to prepare for the Final Rules.

The Investments Funds Team at Alston & Bird is tracking the progress of the lawsuit currently before the Fifth Circuit Court of Appeals (National Association of Private Fund Managers v. Securities and Exchange Commission, 5th Cir. No. 23-60471). We intend to provide a comparative analysis of any revised rules resulting from the lawsuit.