Akerman LLP’s Post

The recent Court of Appeals decision vacating the SEC’s private fund rule has left firms and their attorneys in a state of uncertainty. Should they press on with compliance or pause and reassess? While large firms continue forging ahead, smaller ones are holding off. The vacated rule may still influence market practices and provide guidance on key issues. 3iCO is prepared to help should the landscape change and our clients need to act. Read our full client alert: https://bit.ly/4e9g643 #PrivateFunds #SEC #InvestmentAdvisors

The Fifth Circuit Court of Appeals has vacated the SEC’s Private Fund Advisers Rule, citing the SEC exceeded its authority and lacked a close nexus to anti-fraud aims. Despite this, expect continued SEC scrutiny on investment managers' disclosure practices. https://lnkd.in/ecq4Gufj   #SEC #PrivateFundsRule #InvestmentManagement #AkinPrivateCapital

The SEC seemingly has nowhere to go after its attempt to regulate private funds through the Private Fund Rules failed judicial scrutiny. As the dust settles, Cate Brewer considers the next steps for the SEC's private funds regulation. #SEC #Regulation #Legislation #PrivateFunds #AdvisersAct

Join the webinar on Monday to hear lessons learned from the short-lived SEC Private Fund Adviser Rules.

Breaking news: Today the 5th Circuit Court of Appeals vacated the SEC rule that required increased disclosure from private fund advisers and prohibited certain fee arrangements. The SEC had finalized the rule in August, much to the chagrin of private fund advisors, as the rule contained some fairly burdensome requirements. The 5th Circuit held that the SEC had exceeded its statutory authority in adopting the final rule. #privateequity #pe #investmentfunds #vcfunds #pefunds #investing #ria #sec

On Tuesday, the #SEC filed a settled action with a vertically integrated private equity real estate adviser for not following the fee and expense provisions detailed in its LPAs. While this is not an unusual case, it is a reminder that the SEC strictly interprets LPA provisions and reignites the debate about when additional policies and procedures are appropriate. #verticalintegration #compliance You can find our note here: https://lnkd.in/evAE6Rte You can find the SEC Order here: https://lnkd.in/edVUdG-4

If you work in the financial services industry, you've probably been sweating over the Private Fund Advisers Rule. It may be summer, but somehow we're sweating a bit less. The US Court of Appeals struck down the rule last week. Why? They gave a whole host of reasons. From the SEC overstepping their authority, to the Investment Company Act of 1940 exempting private funds' internal governance from such federal regulation, to there being insufficient evidence of widespread misconduct among advisers (thank goodness!) The SEC still has 90 days to appeal though. ... So you can still sweat a little 😂 #TovaTalks #PrivateEquity #SEC P.S. Unlike the BOI rule, which was deemed unconstitutional by a federal court district in Alabama but only temporarily relieves the plaintiffs in that case of complying with that rule, the court of appeals' decision impacts everyone that falls under the PFA. Lots of interesting regulatory changes happening!

The Fifth Circuit Court has overturned the SEC’s Private Fund Adviser Rule, blocking its implementation and limiting the SEC's regulatory authority over private fund advisers. Read the full article on SQX Alts! #SEC #alternativeinvestments #privatefund

The SEC continued its focus on the presentation of hypothetical performance last week with the settlement of charges against five investment advisers. Details and next steps in our alert below. #RegulatoryCompliance #SEC #Securities #InvestmentFunds #InvestmentManagement #MarketingRule

The U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s Private Fund Adviser rules, agreeing with industry trade associations that the SEC lacked the necessary statutory authority to adopt PFAR. What might the Court’s decision mean for other pending and final SEC rules? In our latest Alert, we consider this as well as the PFAR adopting release’s ongoing insights into how the SEC views certain adviser activities. Read more here: https://bit.ly/4cpt8JD #SEC #PFAR #PrivateFunds