Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews

Document 2023-18660 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on September 14, 2023, with an effective date of November 13, 2023. The Securities and Exchange Commission ("Commission" or "SEC") is adopting new rules under the Investment Advisers Act of 1940 ("Advisers Act" or "Act"). The rules are designed to protect investors who directly or indirectly invest in private funds by increasing visibility into certain practices involving compensation schemes, sales practices, and conflicts of interest through disclosure; establishing requirements to address such practices that have the potential to lead to investor harm; and restricting practices that are contrary to the public interest and the protection of investors. These rules are likewise designed to prevent fraud, deception, or manipulation by the investment advisers to those funds. The Commission is adopting corresponding amendments to the Advisers Act books and records rule to facilitate compliance with these new rules and assist our examination staff. Finally, the Commission is adopting amendments to the Advisers Act compliance rule, which affect all registered investment advisers, to better enable our staff to conduct examinations. View the original at https://www.federalregister.gov/documents/2023/09/14/2023-18660/private-fund-advisers-documentation-of-registered-investment-adviser-compliance-reviews.

No. Document 2023-18660 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.