The SEC recently proposed new rules that would impose additional practice and disclosure requirements on private fund advisers which, if adopted in their current form, could collectively have severe consequences for such advisers. Among other things, the proposed rules would require SEC-registered advisers to:<\/p>\n
Importantly, the proposed rules would prohibit all private fund advisers (including exempt reporting advisers) from:<\/p>\n
Very importantly, the proposed rules do not have a grandfathering provision, and, therefore, if the rules are adopted as proposed, advisers would need to assess whether existing private fund documents must be amended, which can be challenging given that the adviser and fund investors negotiated fund terms based on circumstances prior to the existence of the new requirements.<\/p>\n
Read more here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The SEC recently proposed new rules that would impose additional practice and disclosure requirements on private fund advisers which, if adopted in their current form, could collectively have severe consequences for such advisers. Among other things, the proposed rules would require SEC-registered advisers to: provide quarterly reporting to fund investors including detailed and standardized disclosures … Continue reading SEC Proposes New Rules for Private Fund Advisers<\/span>