Regulatory Alerts2023-09-14 | 2023-18660Added · Updated
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews
The Securities and Exchange Commission adopted final rules under the Investment Advisers Act of 1940 to protect investors in private funds by increasing transparency into compensation, sales practices, and conflicts of interest. The regulations mandate quarterly statements and annual audits for private fund advisers, restrict specific activities such as non-pro rata fee allocations, and require written documentation of annual compliance program reviews for all registered investment advisers. These measures aim to prevent fraud and investor harm while facilitating SEC examination staff oversight of the private fund industry.
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