The Fifth Circuit Court of Appeals vacated the entire final rule package of the private fund adviser rules (Final Rule). All rules in the package, Private Fund Adviser Audits, Private Fund Quarterly Statements, Private Fund Adviser Restricted Activities, Adviser-Led Secondaries, and Preferential Treatment – are vacated.
SEC’s 2024 examination priorities include fiduciary duty, disclosure of material facts relating to conflicts of interest, advertising practices, and more.
The SEC has charged two private fund advisers with insufficient valuation policies and procedures relating to investments of private funds they managed.
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