Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews

Document 2024-26524 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on November 19, 2024, with an effective date of November 19, 2024. The Securities and Exchange Commission ("Commission") is adopting technical amendments to various rules under the Investment Advisers Act of 1940 ("Advisers Act") to reflect a Federal court's vacatur of new rules and rule amendments that the Commission adopted on August 23, 2023. The Commission adopted new rules designed to protect investors who directly or indirectly invest in private funds, corresponding amendments to the Advisers Act books and records rule to facilitate compliance with the new rules and assist examination staff, and additional amendments to the Advisers Act compliance rule to better enable staff to conduct examinations (together, the "Private Fund Adviser Rules"). The court's vacatur of the Private Fund Adviser Rules was effective as of June 5, 2024, and had the legal effect of: vacating the new rules and the reservation of a rule number in the Code of Federal Regulations ("CFR"); as well as vacating the amendments to the existing books and records and compliance rules such that those vacated amendments are no longer in effect. These technical amendments revise the CFR to reflect the court's vacatur of the Private Fund Adviser Rules. View the original at https://www.federalregister.gov/documents/2024/11/19/2024-26524/private-fund-advisers-documentation-of-registered-investment-adviser-compliance-reviews.

No. Document 2024-26524 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.