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.
The IAA is excited to announce that we have developed and curated compliance resources for IAA members in a new Private Funds/Form PF Hub webpage devoted to the SEC’s new private fund adviser and Form PF rules.
The SEC amends money market fund rule to remove redemption gates and increase minimum portfolio liquidity requirements; does not require swing pricing but requires new liquidity fee for institutional prime and institutional tax-exempt money market funds.
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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