SEC Adopts Final Rule Governing Private Fund Advisers

As adopted, many of the more drastic changes under the SEC’s proposal have been meaningfully moderated, and certain elements have been omitted completely

Despite these changes, the final rule contains a number of onerous obligations for private fund advisers

Unlike the proposed rules, the final rules grandfather certain arrangements that private funds have put in place prior to the compliance date, sparing managers the need to renegotiate existing agreements