Private Equity Law Report’s third article in a three-part series covered the US Securities and Exchange Commission’s (SEC’s) proposed private fund reforms and the potential impact on the industry, laying out the specific industry concerns for each of the proposed rules and discussing the next steps for SEC and private fund managers.
In discussing the Quarterly Statement Rule, partner Christine Lombardo said, “[T]hat type of required reporting for advisers is not something that we currently have under the Investment Advisers Act of 1940 (Advisers Act) at all.”
“As to the reporting, there could be a disproportionate impact on PE fund managers. The types of information this rule would require may be more consistently tracked already by hedge funds because of their liquid nature, while on the PE side, there may not be that sort of continuous monitoring.”
Read the full Private Equity Law Report article >>
Subscription may be required.