This episode focuses on the SEC’s new and amended rules targeting private fund advisers, which were adopted on August 23. In addition to reviewing the rules’ requirements—including some significant modifications from the rules that were proposed in February 2022—we discuss our expectations for fund advisers under the new rules and the ongoing litigation challenging them, as well as exam and enforcement observations.

9/12/23 SEC Marketing Rule Settlements Total 10 Before One Year Anniversary of Compliance Date

9/11/23 SEC Division of Examinations Releases Process-Focused Risk Alert—Exam Selection and Typical Categories of Document Requests

8/24/23 The Day Has Come: The SEC Adopts Private Fund Adviser Rules

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

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