In recent weeks, the U.S. Securities and Exchange Commission (the “SEC”) has kicked off a wholesale transformation in the regulation of the private funds industry. These actions include rule proposals, enforcement actions, and SEC Staff guidance that, taken together, represent a shift to direct regulation on a scale never seen before in this segment of the industry.

To aid our clients and friends in preparing for these impending changes, this presentation provides highlights of some key points of the SEC’s proposals and other transformative actions. It is intended to provide legal and compliance personnel, as well as investment and operations personnel, with a practical way to understand how the SEC’s rapidly evolving regulatory agenda will impact private fund managers.