Compliance Dates for New Private Fund Adviser Rules
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Key Takeaways:
- On Thursday, September 14, 2023, the rules applicable to investment advisers to private funds (the “Private Fund Adviser Rules”) adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 were published in the Federal Register.
- The effective date for the Private Fund Adviser Rules is November 13, 2023.
- The Private Fund Adviser rules have rolling compliance dates depending on the rule and the AUM of the private fund adviser, with the first compliance date being September 14, 2024. Registered investment advisers not already producing written compliance reviews must begin to do so after November 13, 2023.