Under the Sunshine Act, the SEC has given notice that it will hold an open meeting on Wednesday, August 23rd at 10:00am.
It is highly expected that they will adopt rules and amendments related to Private Fund Advisers.
Who Does This Affect?
- Private Fund Advisers
Topics of Discussion
- Whether to adopt rules and amendments under the Investment Advisers Act of 1940 (“Advisers Act”) for Private Fund Advisers and whether to adopt amendments to the compliance rule under the Advisers Act.
- Whether to adopt rule amendments to narrow an exemption from the requirement under the Securities Exchange Act of 1934 that any Commission-Registered Broker-Dealer become a member of a national securities association if it effects securities transactions elsewhere than an exchange where it is a member.
We will continue to monitor and provide up to date analysis of the SEC’s announcements.
Key focus areas of the Private Fund Adviser Rule to be aware of prior to the meeting are the following below:
- Forbidden activities
- Quarterly Statements
- Annual Audits
As these adoptions could have significant compliance ramifications for Private Fund Advisers, we are prepared to provide substantial Compliance Support to Firms that require it.
A thorough analysis of one’s policies and procedures would be a prudent first step for those that have yet to complete one.
If you have any questions about this pending decision, reach out to us directly.