The U.S. Securities and Exchange Commission (SEC) proposed new rules promulgated under the U.S. Advisers Act of 1940 (the Advisers Act) on Wednesday, 9 February 2022. Pointing to over US$18 trillion in assets under private fund management and the growth of private funds in recent years, the SEC is introducing five related reforms, which it states are designed to protect private fund investors and to increase transparency, competition, and efficiency in the private fund market.

Broadly speaking, the proposed rules would impose five new requirements on private fund advisers...