On August 23, 2023, the Securities and Exchange Commission (the “SEC”) adopted new final rules and amendments to existing rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) with respect to the regulation of private fund advisers (the “Final Rules”). The Final Rules were published in the Federal Register on September 14, 2023.
Compliance with these Final Rules will be required on a staggered basis from this publication date. The below chart details each rule’s compliance date:
FINAL RULES APPLICABLE TO REGISTERED PRIVATE FUND ADVISERS
FINAL RULES APPLICABLE TO ALL PRIVATE FUND ADVISERS
FINAL RULES APPLICABLE TO ALL REGISTERED ADVISERS
As these dates approach, it is important for advisers to understand how the Final Rules affect them and their business.
1 An adviser’s private fund assets under management are the portion of such adviser’s regulatory assets under management that are attributable to private funds it advises. This is calculated as of the last day of the adviser’s most recently completed fiscal year.
