Grath’s Post

On June 5, 2024, the United States Court of Appeals for the Fifth Circuit ruled to vacate the proposed Private Fund Advisors Rule (PFAR) from the Securities and Exchange Commission (SEC). While we anticipate additional information, including the SEC’s official response, will be available in the coming weeks and months, we intend to hold a webcast next quarter that will include a panel of ex-SEC professionals and private fund advisers to discuss: · Update on the SEC’s response, anticipated further #PFAR action and potential future SEC actions · Impact the PFAR and the ruling to vacate has had on general partners, including limited partner expectations (i.e., changes to Institutional Limited Partner Association reporting) · Changes to industry best practices regarding: 1. Data management 2. Reporting 3. Accounting 4. Operations 5. Investor relations While many in the industry have taken a reactive or “wait and see” approach to this current proposed rule, we at RSM want to do everything we can to ensure our clients and all industry participants are able to be proactive and consistently get in front of any future regulatory and limited partner demands. To this end, we constantly strive to hold ourselves to a higher standard and ensure best practices across all our assurance, tax and consulting lines of business. https://rsm.buzz/4bbHkVC

Garth Brown Webinar Topic 2: Navigating the maze of Property Self-Managed Super Funds (SMSF) - an in depth guide explaining Trusts, Companies and cross-overs to the ATO https://lnkd.in/dnwBTin7

BREAKING NEWS - Today (June 5, 2024) the 5th Circuit Court of Appeals vacated the Private Fund Adviser Rule (“PFAR”), concluding that the Securities and Exchange Commission (“SEC”) exceeded its statutory authority in adopting the rule. The impact of this ruling is that PFAR, as a whole, is no longer enforceable for any private fund advisers nationwide. Although the SEC’s next steps are not yet clear, the Circuit Court’s decision to vacate PFAR means that private fund advisers are no longer required to comply with the Rule’s mandates for quarterly financial statements, annual audits, fairness or valuation opinions, investor disclosure and consent for certain activities, restrictions on preferential treatments, and documentation of annual compliance reviews. Silver is monitoring this development very closely and will continue to provide updates on the impact of this landmark Court decision on private fund managers now and into the future. Please reach out to the Silver Compliance Team at info@silverreg.com if you would like to discuss how this news impacts your firm’s compliance program. #PFAR #SEC #privatefunds

Big news coming down from the Fifth Circuit today! As stated below, the Silver Compliance team will be monitoring this development very closely as things continue to unfold, and we will be issuing additional guidance to our clients and industry colleagues as the SEC decides on next steps related to this decision. Meantime, please feel free to reach out to me directly via DM or at fkhan@silverreg.com to discuss how this news might impact your firm's compliance program now and into the future. #PFAR #SEC #privatefunds

Effective January 1, 2024, the Corporate Transparency Act (#CTA) requires certain business entities to report identifying information to FinCEN. Because closely held entities created as part of estate planning can be considered reporting companies, now is the time to determine who and what has to be reported to FinCEN. Check out our upcoming webcast, co-sponsored by The American College of Trust and Estate Counsel (ACTEC), The Corporate Transparency Act: A Reporting Guide for Estate Planners: https://lnkd.in/eaJparBk Join Emily Kembell, Kirkland Woods & Martinsen LLP, and Kathleen Sherby, BCLP, for a guide to the CTA and the reporting requirements for the entities that trust and estate practitioners may create or manage. Register today: https://lnkd.in/eaJparBk #cle #estates #trusts #legaleducation

Important Update for Private Fund Advisers On September 14, 2023, the SEC introduced the Private Fund Adviser Rule (PFAR), with significant new reporting requirements effective mid-March 2025. However, ongoing litigation might impact the implementation timeline. Despite this uncertainty, advisers should start preparing now to ensure compliance. Key PFAR Reporting Requirements: * Fee and Expense Disclosure * Performance Disclosure * Mandatory Audits At Petra Funds Group, we are actively engaging with legal and accounting experts and ILPA to navigate these changes. It is our view that investment advisers should plan to implement the PFAR fee and expense and performance requirements in their reporting for Q3 2024, so they are ready for the Q4 2024 reporting rollout. Read our latest article summarizing the PFAR requirements and recommendations for private fund advisers: https://lnkd.in/gdPwDTFi Reach out to Paul Winters or Andrew Kesler with questions. #PrivateFunds #RegulatoryCompliance #PFAR #InvestmentAdvisers #FinancialReporting #PetraFundsGroup

The JSE has issued an announcement with regards to aReit Prop failing to submit its condensed financial statements within the three-month period as stipulated in the JSE's Listing Requirements. The company’s listing on the JSE trading system has been annotated with ‘RE’ to indicate this. The JSE has given aReit Prop until the 30th of April 2024 to comply otherwise its listing may be suspended: https://bit.ly/4aTxsjF #realestatenews #listedcompanies #propertyfund #shareholders #investorrelations #realestateinvestment #businessnews #propertynews #JSE #stockexchange

On August 23, 2023, the SEC adopted five new rules applicable to private fund advisers: (1) the Quarterly Statement Rule; (2) the Private Fund Audit Rule; (3) the Adviser-Led Secondaries Rule; (4) the Restricted Activities Rule; and (5) the Preferential Treatment Rule (collectively, PFA Rules). The SEC also amended the Compliance Rule and the Books and Records Rule. Although these new rules will have broad ramifications for advisers to private funds in the U.S., they also apply in certain instances to advisers whose principal office and place of business is outside of the U.S. (offshore advisers). Given the generalized guidance from the SEC in the PFA Rules, this guest article by Morgan, Lewis & Bockius LLP attorneys Christine Ayako Schleppegrell, Christine Lombardo, Esq., Josh Gurney and Ellen Weinstein explores some of the considerable nuances in how the PFA Rules may apply to offshore advisers. #HFLR #privatefunds #offshoreadvisers https://lnkd.in/eHQf_S6y

#TaxmannAnalysis #SEBI This article analyses the SEBI's proposal to reduce the compliance burden and simplify and improve the ease of doing business for REITs and InvITs. The key highlights of the SEBI's proposals include: ‣ Timelines for Fund Distribution to Unitholders be Reduced to 5 Working Days ‣ Scheduling of Unitholders' Meetings at Shorter Notice ‣ Simplified Unitholders' Voting Threshold ‣ Quarterly Review of Statements of Investor Complaints ‣ Disclosure of Statement of Deviations Alongside Financial Results ‣ Allowing Maintenance of Records in Electronic Form Along with Backup ‣ Reduction in Trading Lot Size for Privately Placed InvITs ‣ Aligning Provisions Related to a Change in Sponsor for InvIT Regulations with REIT Regulations Download/Read More: https://lnkd.in/dPJp8AFv [12 Mins | Read Time] Authored by: Rachit Sharma – CS, LLB & Isha Bathla – CS, MBA | Taxmann's Advisory and Research Team (Corporate Laws) #TaxmannUpdates #TaxmannAdvisory #REITs #InvITs #CompaniesAct #Investors

Accelerate Property Fund and aReit Prop Limited have failed to submit their respective financial statements within the three month period as stipulated in the JSE's listing requirements. Failure to submit this info on or before the 31st of July 2024 could result in their listings being suspended: https://bit.ly/4bDEbOE #JSE #propertyfund #listedcompanies #shareholders #realestateinvestment #propertyowners #landlords #investorrelations #assetmanagement