Regulatory Alerts2022-05-09
Reopening of Comment Periods for Private Fund Advisers and Exchange Act Amendments to Alternative Trading Systems
The Securities and Exchange Commission is reopening comment periods until June 13, 2022 for proposed rules affecting private fund advisers and alternative trading systems. The Advisers Act proposals require registered private fund advisers to disclose investment costs, secure annual audits and fairness opinions for secondary transactions, and restrict preferential treatment and conflicting sales practices. Concurrently, the Exchange Act proposals modernize regulatory frameworks for alternative trading systems by clarifying exchange definitions, applying system compliance and integrity rules to high-volume Treasury and agency securities traders, and updating fair access requirements.
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