The Securities and Exchange Commission announced that it will hold an open meeting on August 23, 2023 during which it will consider, among other things, 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.
In February 2022, the SEC had voted to propose new rules and amendments under the Advisers Act that would significantly increase the compliance obligations for advisers to private funds. These proposed rules were the subject of significant comment within the funds industry. Read the firm’s alert on the proposed rules here. It is unclear whether the SEC will be responsive to the comments received during the comment period.