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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