Global Private Equity Watch - Feed https://privateequity.weil.com/category/funds/ Fri, 22 May 2026 16:31:29 +0000 hourly 1 SEC Adopts Significant New Rules Regarding the Regulation of Private Fund Advisers https://privateequity.weil.com/features/sec-adopts-significant-new-rules-regarding-the-regulation-of-private-fund-advisers/ Thu, 24 Aug 2023 15:48:05 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9624 On August 23, 2023, the SEC adopted new rules under the Investment Advisers Act of 1940 (the Advisers Act) that significantly increase the regulation of private fund advisers.[1]  As previewed by the SEC’s original February 2022 proposal, the final rules establish a more prescriptive, rules-based regulatory regime for private fund advisers designed to protect investors […]

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]]> On August 23, 2023, the SEC adopted new rules under the Investment Advisers Act of 1940 (the Advisers Act) that significantly increase the regulation of private fund advisers.[1]  As previewed by the SEC’s original February 2022 proposal, the final rules establish a more prescriptive, rules-based regulatory regime for private fund advisers designed to protect investors […]

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]]> Application of FinCEN’s Final Rule Regarding the Corporate Transparency Act’s Beneficial Ownership Reporting Requirements to Investment Advisers and Private Funds https://privateequity.weil.com/whats-new-on-the-watch/application-of-fincens-final-rule-regarding-the-corporate-transparency-acts-beneficial-ownership-reporting-requirements-to-investment-advisers-and-private-funds/ Mon, 21 Aug 2023 16:39:58 +0000 Patrick Wildes Andrew I. Chizzik David E. Wohl John Bradshaw Stephen Filocoma https://privateequity.weil.com/?p=9618 The Financial Crimes Enforcement Network’s (“FinCEN”)[1] final rule implementing the beneficial ownership information (“BOI”) reporting requirements under the Corporate Transparency Act (“CTA”) became effective on January 1, 2024 (“Effective Date”).[2] The final rule requires certain U.S. domestic and foreign companies (“Reporting Companies”) to report BOI to FinCEN with respect to (i) any natural persons who […]

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]]> SEC Proposes New Investment Adviser Safeguarding Rule to Enhance Protections of Advisory Client Assets https://privateequity.weil.com/features/sec-proposes-new-investment-adviser-safeguarding-rule-to-enhance-protections-of-advisory-client-assets/ Fri, 17 Feb 2023 16:59:39 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9344 On February 15, 2023, the SEC proposed to amend and redesignate Rule 206(4)-2 (“Custody Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”) to enhance investor protections relating to client assets of registered investment advisers.[1] Specifically, the proposal would: (i) expand the Custody Rule to cover a broader array of client assets and advisory […]

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]]> SEC’s Division of Examinations Announces 2023 Examination Priorities for Private Fund Sponsors https://privateequity.weil.com/features/secs-division-of-examinations-announces-2023-examination-priorities-for-private-fund-sponsors/ Thu, 09 Feb 2023 16:25:07 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9315 On February 7, 2023, the SEC’s Division of Examinations (“Division” or “EXAMS”) issued its examination priorities for 2023.[1] The Division highlighted the following areas of focus relevant to private fund sponsors: In announcing its priorities for 2023, the Division underscored core aspects of typical examinations of private fund advisers, including: (i) custody and safekeeping of […]

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]]> On February 7, 2023, the SEC’s Division of Examinations (“Division” or “EXAMS”) issued its examination priorities for 2023.[1] The Division highlighted the following areas of focus relevant to private fund sponsors: In announcing its priorities for 2023, the Division underscored core aspects of typical examinations of private fund advisers, including: (i) custody and safekeeping of […]

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]]> Regulatory Developments and Annual Compliance Obligations Applicable to Private Fund Sponsors https://privateequity.weil.com/insights/regulatory-developments-and-annual-compliance-obligations-applicable-to-private-fund-sponsors-5/ Mon, 06 Feb 2023 19:30:07 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9311 Over the course of the last year, there have been a number of regulatory developments affecting private funds and their investment advisers that private equity sponsors should be aware of. We would also like to remind our private equity clients of important upcoming regulatory filings and compliance obligations in 2023. View this Private Equity Alert.

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]]> SEC Clarifies Position on Presentation of Net Returns Under New Marketing Rule https://privateequity.weil.com/insights/sec-clarifies-position-on-presentation-of-net-returns-under-new-marketing-rule/ Thu, 12 Jan 2023 18:03:12 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9230 On January 11, 2023, the SEC’s Division of Investment Management published responses to certain frequently asked questions (FAQs) related to  Rule 206(4)-1 under the Investment Advisers Act of 1940 (Marketing Rule).[1] Among other topics, the SEC clarified that net performance must be displayed each time gross performance is presented, including with respect to a single […]

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]]> SEC Proposes New Investment Adviser Outsourcing Rules https://privateequity.weil.com/insights/sec-proposes-new-investment-adviser-outsourcing-rules/ Mon, 31 Oct 2022 15:17:15 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9186 On October 26, 2022, the SEC proposed a new rule and rule amendments under the Investment Advisers Act of 1940 (the Advisers Act) to prohibit registered investment advisers (Advisers) from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers.[1] The proposal is in response to the SEC’s observed increase […]

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]]> On October 26, 2022, the SEC proposed a new rule and rule amendments under the Investment Advisers Act of 1940 (the Advisers Act) to prohibit registered investment advisers (Advisers) from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers.[1] The proposal is in response to the SEC’s observed increase […]

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]]> SEC Issues Risk Alert on New Investment Advisers Act Marketing Rule Examinations https://privateequity.weil.com/insights/sec-issues-risk-alert-on-new-investment-advisers-act-marketing-rule-examinations/ Thu, 22 Sep 2022 17:42:24 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=9112 On September 19, 2022, the SEC’s Division of Examinations (Division) issued a risk alert[1] outlining areas of focus for upcoming examinations of registered investment advisers (Advisers) concerning the SEC’s new marketing rule under the Investment Advisers Act (Marketing Rule), which is set to take effect on November 4, 2022 (Compliance Date).[2] In response to the […]

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]]> SEC’s Division of Examinations Issues Risk Alert Regarding Investment Adviser MNPI Compliance Issues https://privateequity.weil.com/insights/secs-division-of-examinations-issues-risk-alert-regarding-investment-adviser-mnpi-compliance-issues/ Wed, 04 May 2022 16:20:17 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=8935 On April 26, 2022, the SEC’s Division of Examinations (EXAMS) issued a risk alert highlighting notable deficiencies observed by the EXAMS staff regarding investment advisers’ obligations to establish, maintain and enforce written policies and procedures to prevent the misuse of material non-public information (MNPI) as required under Section 204A of the Investment Advisers Act of […]

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]]> Division of Examinations Announces 2022 Examination Priorities https://privateequity.weil.com/funds/division-of-examinations-announces-2022-examination-priorities/ Mon, 04 Apr 2022 17:13:40 +0000 David E. Wohl John Bradshaw https://privateequity.weil.com/?p=8865 On March 30, 2022, the SEC’s Division of Examinations (Division or EXAMS) issued its examination priorities for 2022.[1] The Division highlighted the following five areas of focus relevant to private fund sponsors: Private Funds. EXAMS will assess whether private fund advisers’ policies and procedures are reasonably designed to prevent violations of the Investment Advisers Act […]

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