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SEC’s Proposed Amendments to Form PF and Advisers Act Introduce Uncertainty, Increase Burden on Compliance Staff (Part One of Two), Private Equity Law Report

Tuesday, March 15, 2022

The avalanche of proposed amendments and regulations coming out of the US Securities and Exchange Commission (SEC) includes proposed changes to Form PF along with new and amended rules for private fund advisers under the Investment Advisers Act of 1940 (Advisers Act). Private Equity Law Report writes that as drafted, the proposed amendments impose new—and, some have argued, unnecessarily onerous—reporting requirements, burdens, and restrictions on fund managers.

With comments provided from a recent webinar hosted by Morgan Lewis, partners Christine Lombardo, Courtney Nowell, Jedd Wider, and Joe Zargari detail the features and challenges of the SEC’s proposed amendments. This first article in a two-part series examines key features of the proposed amendments to Form PF that are relevant to private equity sponsors, and those in the amendments to the Advisers Act relating to the audit rule, annual compliance reviews, and adviser-led secondary transactions.

Read the full Private Equity Law Report article >>

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