SEC Adopts Significant Rule Changes for Private Fund Advisers

On August 23, 2023, the Securities and Exchange Commission adopted a final rule package, the Private Fund Adviser Rules (PFA), that modifies the regulation of private fund advisers under the US Investment Advisers Act of 1940.

• The adopted PFA rules introduce sweeping new regulatory challenges to both registered and unregistered advisers to private funds
• Overview of the new PFA rules, including the Restricted Activities Rule, the Preferential Treatment Rule (Side Letters), the Adviser-Led Secondaries Rule, the Private Fund Audit rule, and the Quarterly Statement Rule
• Discussion of action steps to take now to prepare for the PFA rules compliance date

Speakers:

David Fitzgerald, Partner - Sadis & Goldberg

Ron Geffner, Partner - Sadis & Goldberg

Chris Hardy, Founder - altPILOT

Mark Strefling, Partner - Sadis & Goldberg