Clifford Chance
SEC Private Fund Adviser Rules
August 29, 2023
On August 23, 2023, the U.S. Securities Exchange Commission adopted new rules and amendments under the Investment Advisers Act of 1940, as amended, which impose significant new restrictions and requirements on investment advisers to private funds. The Final PFA Rules represent the most comprehensive set of reforms affecting the private fund industry since the Dodd-Frank Act, and will have meaningful consequences for advisers, their private fund clients and fund investors.
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