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. If you have any questions regarding the information discussed above, please contact your Investment Management Group attorney at Seward & Kissel LLP.