2-82; Proposed Rule Rel. All pri


2022-82; Proposed Rule Rel. All private fund advisors would be prohibited from engaging in practices that are contrary to the public interest and the protection of investors. The proposal, if adopted, will be a seismic shift in the regulatory landscape for private fund advisers. Washington D.C., Feb. 9, 2022 . 1 Importantly, certain of the Proposed Rules would greatly expand regulatory compliance obligations for all investment advisers to private SBAI Response to SEC Proposed Rules for Private Funds - April 2022. What Are the Three Proposed Rules? The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. In addition, the new roles would prohibit private fund advisers, including those not registered with the SEC, from providing certain types of preferential treatment to investors in their funds.

February 24, 2022 - As weve noted, the SEC recently introduced a sweeping 341-page rule proposal that would significantly impact CLOs. The proposed new rules would: Require private fund advisers registered with the Commission to provide investor s with quarterly statements detailing information about private fund performance, fees, and expenses; What to Worry About With the SEC's Move to Regulate Private Funds. The Securities and Exchange Commission today voted to propose new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers and to protect private fund investors by increasing transparency, competition, and efficiency in the $18-trillion marketplace. At the SBAI, we are supportive of effective regulation

The Securities and Exchange Commission today voted to propose new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers and to protect private fund investors by increasing transparency, competition, and efficiency in the $18-trillion marketplace. Specifically, on January 26, the SEC issued proposed amendments to Form PF reporting requirements for certain private fund managers and, on February 9, proposed new Specifically, the proposal generally provides that an adviser to a private fund may not, directly or indirectly, grant an investor in the private fund the ability to redeem its interest on terms that the adviser reasonably expects to have a material, negative effect on other investors in that private fund. The proposed rule would create new requirements for private-equity advisers related to fund audits, books and records, and adviser-led secondary transactions. SEC Proposes Significant Changes for Advisers and Private Funds. The proposed rules remain subject to public comment for 60 days following the February 9, 2022, publication of the private fund adviser proposal and the cybersecurity proposal on the SECs website (i.e., until April 11, 2022) or, if longer, 30 days after the proposed rules are published in the Federal Register (which has yet to occur). By Eric Mikkelson and Gerry Griffith. 02.16.2022. We plan to share a detailed analysis soon. ACTION: Proposed rule. For now, please find below a quick Q&A update. On Feb. 9, 2022, the Securities and Exchange Commission (SEC) voted to propose a rule that, if implemented in its current form, would have far-reaching implications for investment advisers to private funds. The Securities and Exchange Commission (the SEC) on 9 February 2022 proposed new rules and amendments (collectively, the Proposed Rules) under the Investment Advisers Act of 1940, as amended (the Advisers Act). As proposed, the rules would raise the costs of compliance and likely have a disproportionate impact on emerging fund managers. The Proposed Rules will include new requirements for investor quarterly statements, private fund audits, adviser-led secondaries, side Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews . The Securities and Exchange Commission today announced that it has extended the public comment period on the proposed rulemaking to enhance and standardize climate-related disclosures for investors until June 17, 2022. On February 9, 2022, the U.S. Securities and Exchange Commission (the SEC) proposed a package of new rules and amendments that will significantly affect all private fund advisers, including those that are not registered with the SEC under the Investment Advisers Act of 1940 (the Advisers Act).This package covers a range of issues including (i) new prohibitions on Now we home in on the most problematic provisions of the rule for CLOs. Fund Naming Rules. See Also: Press Release No. of 1940 (Advisers Act) to enhance the regulation of private fund advisers. Certain of the proposals codify positions we have seen the SEC staff This post focuses on the provisions that impact private fund advisers. Expect intense scrutiny of the SECs assertion of authority under Dodd Private Equity and Hedge Funds. On February 9, 2022, the SEC proposed a litany of new rules relating to private fund advisers (the Private Fund Adviser Proposal) that shocked the industry with their scope and breadth 1.While some of the proposed rules are somewhat consistent with the SECs historical disclosure-based approach to the regulation of private funds and advisers, others are flat prohibitions that The proposed rules would affect both SEC-registered private fund advisers and those exempted from registrationincluding VC fund managers. On Wednesday, February 9, 2022, the SEC proposed changes to its rules for investment advisers to private funds. The proposed rule would prohibit an adviser from directly or indirectly borrowing money, securities, or other fund assets, or receiving a loan or an extension of credit, from a client, such as using fund assets as collateral in order to obtain a loan from a party other than the fund (i.e., borrowing against fund assets), accepting a loan offered by a private fund client, and 33-11042 34-94868: On February 9, 2022, the Securities and Exchange Commission (SEC) issued a new proposed rule that would overhaul the cybersecurity regulations for registered investment advisers, registered investment companies, and funds. Elliot Ganz. Alert. The Proposed Rules seek to, among other things: (i) require specified and standardized quarterly These proposed rules would prohibit some long-standing market practices related to fees and expenses, limitations of liability, and GP clawbacks and would require private funds to distribute quarterly reports and obtain annual audits. March 9, 2022. The SEC recently published a proposed rule (the Proposal) that would impose unprecedented mandatory disclosure obligations and various other forms of intervention in the private funds industry. Securities and Exchange Commission. ACTION:Proposed rule. SUMMARY: The Securities and Exchange Commission (the Commission or the SEC) is proposing new rules under the Investment Advisers Act of 1940 (the Advisers Act or the Act). The SEC recently proposed new regulations for the private fund industry that would require annual audits and quarterly investor account statements, expand prohibited activities, limit preferential treatment, and other key changes. AGENCY: Securities and Exchange Commission. The proposed rules would prohibit private fund advisors, whether or not they are registered with the SEC, from giving certain types of preferential treatment to certain investors in On Feb. 9, 2022 the Securities and Exchange Commission (SEC) proposed a series of new rules, and amendments to existing rules, (the Proposed Rules) [1] under the Investment Advisers Act of 1940 (the Advisers Act) applicable to private fund managers. Prohibited Activities Rule. Specifically, on January 26, the SEC issued proposed amendments to Form PF reporting requirements for certain private fund managers and, on February 9, proposed new and amended rules under the Investment Advisers Act of 1940 that, if adopted, would impose new SEC and investor reporting requirements on certain private fund advisers. Proposed Rules for Investment Funds. The significant new rules are intended to increase the transparency of private funds to investors by Proposed Rules for Domestic and Foreign Private Issuers. On February 9, 2022, the SEC proposed new rules and amendments under the Investment Advisers Act of 1940 to regulate the $18-trillion private fund market. In late March 2022, the Securities and Exchange Commission (the "SEC") proposed two rules (the "Proposed Rules") that would establish activity-based The proposed rule would create new standardized reporting and audit requirements for SEC-registered advisers to private funds and greatly expand SEC-registered adviser disclosure obligations concerning fees, expenses, fund performance and portfolio holdings for the private funds they advise. If adopted, the proposed new rules would: My letter addresses what appears to be one of the most profound sources of [] The Proposed Rules are being issued under Section 211(h) of the Advisers Act (passed by the Dodd-Frank Wall Street Reform and Consumer Protection Act), and represent the most aggressive reading of the SECs authority thereunder to date, and the most substantive private funds regulations proposed under the tenure of Chairman Gary Gensler. Washington D.C., Jan. 26, 2022 . On April 21, 2022, I filed a comment letter in response to the Proposal. The Proposed Rules represent the most significant proposed rulemaking applicable to private fund advisers by the SEC under Chairman Gensler, and follow on the heels of a risk alert regarding private fund adviser deficiencies and proposed amendments to Form PF. The SEC announced proposed new rules for private funds covering quarterly statements of performance and fees, mandatory fund audits, adviser-led secondaries, preferential treatment and written documentation of compliance reviews. We expect the SEC to adopt new private fund adviser rulesbut public comment The financiers atop the growing $18 trillion field of private funds hedge funds, private equity funds If adopted as proposed, the new rules could have a significant impact on private fund disclosures, reporting, fees and expenses, and operations. The SEC also announced that it will reopen the comment periods on the proposed rulemaking to enhance On February 9, 2022, the Securities and Exchange Commission (SEC) proposed a series of new rules under the Investment Advisers Act of 1940, as amended (Advisers Act) that would impose significant new regulatory requirements, obligations, and restrictions on private fund advisers. The SEC voted to propose a suite of new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) that, if adopted, will significantly increase the compliance obligations of advisers to private funds. SUMMARY: The Securities and Exchange Commission (the Commission or the SEC) is proposing new rules under the Investment Advisers Act of 1940 (the Advisers Act or the Act). The SECs recent proposed rule changes for private funds seek to alter commercially negotiated contractual terms such as preferential liquidity and side letters and could prompt litigation if enacted, argues David Blass, head of Simpson Thachers asset management regulatory practice. No. Washington D.C., May 9, 2022 . The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. In the span of two weeks, the US Securities and Exchange Commission (SEC) has proposed rules that would significantly overhaul the regulation of the private fund industry. February 9, 2022 at 12:58 p.m. EST. The Securities and Exchange Commission today voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. The proposed amendments are designed to enhance the Financial Stability Oversight Councils (FSOC) ability to assess systemic risk as well On February 9, 2022, the SEC proposed sweeping new rules that would, if adopted, dramatically change the regulation of private fund advisers. Each statement must be presented in a standardized format On February 9, 2022, the SEC commissioners approved several proposed rules under the Investment Advisers Act of 1940 (the Proposed Rules) which, if passed, would have significant effects on the operation of private funds. SEC Proposes New Rules for Private Investment Funds. The Proposed Rules would require an SEC-registered adviser to prepare and deliver to its private fund investors a quarterly statement for each private fund 5 within 45 days of the end of each calendar quarter, with the first statement due following the second full calendar quarter of the funds operational results. On February 9, 2022, in a 3-1 vote, the US Securities and Exchange Commission proposed a series of new rules and amendments under the Investment Advisers Act of 1940 that, if finalized, would impose a host of mandates on private fund[1] advisers, including those not registered with the SEC. The SEC recently proposed sweeping reforms of regulations over investment advisers and the private funds they advise aimed at investor protection. 2/24/2022. On February 9, 2022, more than a decade after the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the Securities and Exchange Commissions (the SEC) oversight of advisers to private funds (pooled investment entities exempt from registration under either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940), the SEC February 11, 2022. Thursday, March 24, 2022.