New SEC Private Funds Rules – Data, Reporting and Compliance Challenges

In late 2023, the Securities and Exchange Commission (SEC) adopted new rules (Private Fund Rules) under the Investment Advisers Act of 1940, which will have a significant impact on fund sponsors and the private funds they advise.

These rules are intended to increase investors’ visibility into certain adviser practices and to protect investors by promoting increased transparency, competition and efficiency in the private funds market. As adopted, the rules present a material increase in the regulatory compliance and reporting obligations of private fund advisers.

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