Regulatory Alerts2022-03-24 | 2022-03212Added
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews
The Securities and Exchange Commission proposes new rules requiring registered private fund advisers to provide quarterly statements disclosing fees, expenses, and performance to investors. The proposal also mandates annual financial statement audits for private funds, independent fairness opinions for adviser-led secondary transactions, and prohibits certain sales practices and preferential treatment without disclosure. Additionally, the Commission proposes amendments to compliance and books and records rules to require written documentation of annual compliance program reviews for all registered investment advisers.
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