Schulte Roth & Zabel co-managing partner Marc Elovitz recently discussed the SEC's new Private Fund Advisers Rules with Patrick Smith for his article in The American Lawyer, “They Didn't Blow Up the World': Big Law Reacts to New SEC Fund Rules.”
The new rules require private funds to issue quarterly fee and performance reports, disclose certain fee structures and perform annual audits, though certain provisions from the original 2022 proposal were altered or were cut altogether.
Marc commented that the new rules “didn't blow up the world, but it is impactful. It is going to be a significant change in private funds regulations.”
He continued, “It increases the regulatory burden in the funds space. It is a whole new set of requirements, and it is more work for regulatory lawyers.”
Read more here.