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BLOGS. April 23, 2024

Fees, Expenses, Performance and Changes to the Investment Advisers Act

Late last summer, the U.S. Securities and Exchange Commission (SEC) adopted new rules under the U.S. Investment Advisers Act of 1940. The rules will be implemented in phases, with the first deadline for compliance coming up in September 2024, and the remaining rules coming into effect in March 2025. These new rules are intended to enhance the regulation of fund advisors by requiring private fund advisors to provide investors with quarterly statements detailing information about private fund performance, fees and expenses; obtain an annual audit for each private fund; and obtain a fairness opinion or valuation opinion in connection with an advisor-led secondary transaction.

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