The SEC’s New Private Fund Rule – Understanding Compliance Obligations for “Unregistered Advisors”

On August 23, 2023, the U.S. Securities and Exchange Commission (the SEC) adopted a new set of private fund adviser rules that materially increase the regulatory burden placed on investment advisers to private funds under the Investment Advisers Act of 1940, as amended (the Advisers Act), while also providing new rights to investors. The rules will have a significant impact on private fund advisers, the investors in their funds and the private funds industry as a whole.

This Seminar will provide a brief overview of the Private Funds Rule, with additional focus on two of the Rules, the Preferential Treatment Rule and Restricted Activities Rules, which apply to ALL investment advisors to private funds, regardless of whether they are RIAs. This includes those advisers who qualify as “exempt reporting advisers” (ERA) for purposes of the Advisers Act, including “private fund advisers” and “venture capital fund advisers.”  

Chair:
Bradley Martorana, Snell & Wilmer L.L.P.

Speakers:
R. Steven Reed, Partner, Snell & Wilmer L.L.P.
Christian Richter, General Council, Northrim Horizon