On Monday, August 23, 2023 the Securities and Exchange Commission (SEC) voted to approve Private Fund Adviser amendments to the Investment Advisers Act of 1940, updating existing compliance rules for Private Equity Firms and Hedge Funds.
The initial proposal was floated in February 2022, so the SEC did provide the market with a heads up that there would be increased scrutiny over an industry that regulars have often referred to as opaque. Certainly, Big Law’s perspective that the new rules—which will take effect in 60 days—will likely create more work for law firm regulatory partners, as well as increase demand for recent public sector lawyers with regulatory agency experience,[i] seems the most realist forecasted impact.
‘Enforcement 40’ for 2020
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