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SEC unveils new private fund reforms – scope and best compliance practice

Securities and Exchange Commission Chairman Gary Gensler
Photo: Win McNamee/Getty Images

Valerie Ruppel | Bovill

9 min read
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Reforms bring several significant requirements applicable to private fund managers, including non-US based advisers and exempt reporting advisers.

The SEC released its long awaited private fund reforms on August 23.  These reforms are reflected in the adoption of Rule 211 of the Investment Advisers Act of 1940 (the Private Fund Rule), bringing several significant requirements applicable to private fund managers, including exempt reporting advisers.

The new Rule requires fund managers

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