Investment Funds Update

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

September 14, 2023

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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