Spring Awakening: A Newly Busy Time for the SEC

On February 9, 2022, by a vote of 3-1, the SEC proposed new rules that would dramatically and fundamentally alter the regulation of private fund advisers. The proposed rules are "designed to protect private fund investors by increasing their visibility into certain practices, establishing requirements to address practices that have the potential to lead to investor harm, and prohibiting adviser activity that is contrary to the public interest and the protection of investors." They represent a significant expansion of the regulation of private fund advisers and would materially impact the operations and practices of both registered and unregistered private fund advisers (including exempt reporting advisers).

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Related Content

• SEC Proposes to Expand Private Funds Reporting Requirements
  Read this summary of proposed amendments to Form PF, increasing the amount and timeliness of confidential information that large private fund advisers report to the SEC.
• SEC Identifies Additional Risk Areas from Examinations of Private Fund Advisers
  Check out this summary of the SEC's Division of Examinations risk alert outlining compliance issues uncovered in examinations of registered investment advisers that manage private funds.
• SEC Proposes New Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers
  Review proposed SEC rules dealing with adviser policies and procedures, episodic reporting requirements, and maintenance of books and records related to cybersecurity.

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