On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to Compliance provides an in-depth explanation of the scope and requirements of the new rules, guidance on interpretative issues based on a detailed reading of the adopting release, as well as practical considerations for advisers and investors moving forward. Additionally, a number of tables are included to facilitate distilling new rules down to the key points.