Edward Tran’s Post

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

📣 The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. Adam Bolter, Wendy Cohen, Christian Hennion, Richard Marshall, Allison Yacker, Lance Zinman #FinancialServices #SEC #Compliance

Please check out this informative article prepared by my colleagues on the potential compliance pitfalls regarding the new SEC private fund rules. It offers practical takeaways for CCOs and other compliance professionals.

🚨 Court Overrules the SEC: Implications for Private Fund Advisers 🚨 ☑️ On June 5, the U.S. Court of Appeals for the Fifth Circuit delivered a significant ruling by vacating the SEC’s private fund advisers rules. ☑️ These rules, if enacted, would have imposed additional reporting requirements on private investment fund advisers. ☑️ The court's decision was based on the finding that the SEC exceeded its statutory authority. ☑️ The SEC had leveraged a provision from the Dodd-Frank Act, intended to protect retail investors, to justify these new rules. ☑️ However, the court held that this application was beyond the scope of the SEC’s intended power. ☑️ This ruling is a crucial reminder of the checks and balances in place to prevent regulatory overreach. ☑️ This decision is a major win for private investment fund advisers who faced the prospect of increased compliance costs and administrative burdens. ☑️ The ruling helps maintain the status quo, allowing these advisers to operate without the additional layers of regulation that could have impacted their operational efficiency and profitability. ☑️ However, it also underscores the ongoing regulatory uncertainties that can affect strategic planning and risk management within the industry. Stay tuned for more updates as this story develops. #LegalUpdate #FinancialRegulation #SEC #InvestmentAdvisers #DoddFrankAct