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Investment Funds Update

Private Funds Rules Published in Federal Register – Compliance Dates Now Set

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The U.S. Securities and Exchange Commission’s Private Funds Rules were published in the Federal Register on September 14. Therefore, the effective date for the new rules is November 13. The table below lists the compliance date for each of the new rules. For a summary of the new rules please read our previous Sidley Update available here.

 

 Rule Larger Private Fund Advisers
 $1.5b or more in private fund assets 
Smaller Private Fund Advisers
 less than $1.5b in private fund assets 
206(4)-10
Audit Requirement
(Registered Advisers)
 March 14, 2025   March 14, 2025
 211(h)(1)-2
Quarterly Statements
(Registered Advisers)
  March 14, 2025   March 14, 2025
 211(h)(2)-1
Restricted Activities
(Any Investment Adviser*) 
 September 14, 2024   March 14, 2025
 211(h)(2)-2
Adviser-Led Secondaries
(Registered Advisers)
  September 14, 2024   March 14, 2025
 211(h)(2)-3
Preferential treatment
(Any Investment Adviser*) 
  September 14, 2024   March 14, 2025

*Subject to the exceptions contained in the rule.

 

Rule All Investment Advisers
206(4)-7(b)
(Written Documentation of Annual
Review of Compliance Program)
                      November 13, 2023                     

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If you have any questions regarding this Sidley Update, please contact the Sidley lawyer with whom you usually work, a member of our Investment Funds practice or Securities Regulatory team, or one of our practice leaders listed below: