The SEC has released its final rules for private fund advisers. The rules are designed to enhance regulation of private fund advisers by increasing transparency and restricting certain practices. Read our report below which summaries these rules and highlights the key impacts for private fund advisers.
Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the Commission’s oversight responsibility for private fund advisers. Among other things, the Dodd-Frank Act amended the Advisers Act generally to require private fund advisers to register with the Commission and to require the Commission to establish reporting and recordkeeping requirements for advisers for investor protection.
The final rules reflect the SEC’s belief that, despite existing regulation, advisers frequently do not provide investors with sufficiently detailed information about private fund investments, the costs of investing in private funds, how performance is calculated, the existence of preferential terms granted to certain investors, and conflicts of interest that are not apparent to investors.
How can KPMG help?
Please reach out to our experienced Asset Management and Regulatory Change team for further information on these rules or any Asset Management/ Regulatory Change needs you may have.
For more, contact our team
Jorge Fernandez Revilla
Partner, Head of Asset Management
KPMG in Ireland
Rio Howley
Partner
KPMG in Ireland
James Casey
Partner, Asset Management Audit, Head of ETFs
KPMG in Ireland
Terence Coveney
Partner
KPMG in Ireland
