The Private Fund Reform Rule (IA-5955), a series of rules and amendments to the Investment Adviser Act of 1940 (the Final Rules), was adopted on August 23, 2023 after 18 months of discussions and changes to the proposed rules and amendments. The Final Rules are arguably the biggest regulatory development for the industry since the Dodd-Frank Act, and will impact both SEC-registered and unregistered private fund managers.

Closing out at 660 pages, the Final Rules place a weighty burden on compliance professionals to decipher the language and determine next steps for compliance.

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