On Aug. 30, 2023, we released a detailed summary of controversial new rules and amendments under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) recently adopted by the Securities and Exchange Commission (the “SEC”) that will substantially alter the reporting, disclosure, recordkeeping, and other obligations of investment advisers to private funds (the “Final Rules”). Several trade groups and industry associations have petitioned the Fifth Circuit Court of Appeals to review and set aside the Final Rules in their entirety. The Final Rules apply entirely to investment advisers registered with the SEC (“RIAs”) and partly to exempt reporting advisers, state-registered advisers, and other advisers not registered with the SEC (collectively, “non-RIAs” and together with RIAs, “Advisers”).
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