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The Securities and Exchange Commission the SEC adopted new and somewhat controversial rules and rule amendments the Final Rules under the U.S. Investment Advisers Act of 1940 the Act in the fall of 2023 that impact the regulation of private fund advisers Advisers. Under the Final Rules, Advisers registered under the Act will have increased compliance burdens and requirements regarding transparency to investors. The Final Rules also create additional prohibitions on all Advisers operating in the United States in relation to specified activities.
The Institutional Limited Partner Association ILPA published new guidance on May 15, 2023, relating to continuation funds. The guidelines build on ILPA s prior 2019 guidance on best practices for GP-led secondary fund structuring, detailing considerations for Limited Partners LPs and General Partners GPs planning to engage in continuation fund transactions.