Webinar | The SEC’s Sweeping New Private Fund Rules – What Do You Need to Know? Session 3: Considerations for Non-U.S. Fund Managers

In August, the SEC adopted rules that will significantly impact investment advisers to private funds. Among other things, the new rules restrict certain activities, impose new detailed quarterly reporting and annual audit requirements, and add several prohibitions and disclosure requirements for side letters and expense allocations. Although some of the provisions in the February 2022 rule proposal were not adopted, the new rules still present significant and onerous changes for the industry.

Please join Dechert for discussions on the key impacts and considerations of these changes on non-U.S fund managers and non-U.S. private funds.

Topics include:

• Applicability of the new rules to non-U.S. fund managers and non-U.S. funds.
• Preferential treatment and the impact on side letters.
• The SEC's approach to liability standards.
• Restricted activities.
• Fee and expense allocations.
• Quarterly statement requirements.
• Compliance dates and other practical timeline considerations.
• Unexpected changes

Continuing Legal Education (CLE):

Applications for accreditation of these programs for Continuing Legal Education (CLE) in California, Connecticut, Illinois and New York are currently pending.

For questions, please contact abby.cook@dechert.com.

See more on Session 1: Considerations for U.S. Closed-End Fund Managers here.

See more on Session 2: Considerations for U.S. Hedge Fund Managers here.