Preparing for the SEC private funds rule has been saved
Perspectives
Preparing for the SEC private funds rule
What should private fund advisers expect?
The Securities and Exchange Commission’s (SEC) new rules for private fund advisers come as the industry is awaiting other major rules packages from the SEC, including rules impacting cybersecurity; open-end fund liquidity risk management programs and swing pricing; vendor oversight by investment advisers; and environmental, social, and governance (ESG) practices.
The SEC private funds rule
On August 23, 2023, the Securities and Exchange Commission (SEC) adopted significant new rules for private fund advisers. Certain aspects of the new rules will apply to all private fund advisers, not only those registered with the SEC. In addition, the finalized package includes amendments to the Investment Advisers Act of 1940 (Advisers Act) compliance program rule that will impact all registered investment advisers.
Impacted advisers and key components of the final rule
Impacted Entity | Component | Compliance Timeline |
Registered private fund advisors | Quaterly statement rule | March 2025 |
Private fund audit rule | March 2025 | |
Adviser-led secondaries rule | Sept. 2024 or March 2025 | |
Books and records rule | ||
All private fund advisers | Restricted activities rule | Sept. 2024 or March 2025 |
Preferential treatment rule | Sept. 2024 or March 2025 | |
Legacy status | ||
All registered advisers | Compliance Rule | November 2023 |
Learn more about these new requirements and steps your organization can take to prepare for the upcoming compliance dates.
Contacts
Maria Gattuso |
Ryan Moore |
Dan Rooney |
Bruce Treff |
Deloitte Center for Regulatory Strategy
Meghan Burns |
Brian Clark |
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