SEC Amends Investment Advisers Act: Impact on Private Fund Advisers

The SEC adopted amendments to the Investment Advisers Act, which will significantly change private fund advisers' regulatory obligations. These new rules are expected to reshape the regulatory landscape and best practices for the private funds industry, both within the U.S. and globally. While the rules don't directly apply to non-U.S. offshore private fund advisers managing non-U.S. private funds, we recommend these advisers and their fund investors familiarize themselves with the Rules and consider updating their policies and operational protocols if necessary.