What Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews requires
The Securities and Exchange Commission is adopting new rules under the Investment Advisers Act of 1940 designed to protect investors who directly or indirectly invest in private funds. The rules aim to increase visibility into practices involving compensation schemes, sales practices, and conflicts of interest through disclosure; establish requirements to address such practices that have the potential to lead to investor harm; and restrict practices that are contrary to the public interest and the protection of investors. These rules apply to private fund advisers, with certain amendments affecting all registered investment advisers, and are intended to prevent fraud, deception, or manipulation. The core obligations include: a Quarterly Statement Rule requiring periodic information about fees, expenses, and performance; a Mandatory Audit Rule requiring an annual audit for each private fund; an Adviser-led Secondaries Rule requiring a fairness or valuation opinion for such transactions; a Restricted Activities Rule that limits certain expense charges and other activities without appropriate disclosure and consent; and a Preferential Treatment Rule that prohibits certain types of preferential terms and requires disclosure of others. The rules also amend the Advisers Act compliance rule to require all registered investment advisers to document their annual compliance reviews in writing.
Pillar: Banking & Global Finance · Authority: Securities and Exchange Commission · Version: 1.0.0 · Last updated:
Primary source: https://www.sec.gov/rules/final/2023/ia-6383.pdf
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- SUMMARY: The rules are designed to protect investors who directly or indirectly invest in private funds by increasing visibility into certain practices involving compensation schemes, sales practices, and conflicts of interest through disclosure; establishing requirements to address such practices that have the potential to lead to investor harm; and restricting practices that are contrary to the public interest and the protection of investors.
- DATES: Effective date: These rules are effective November 13, 2023.
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