The SEC set an effective date of November 13, 2023 and outlined compliance dates for significant new regulation of private fund advisers under the Advisers Act.
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The SEC adopted significant new regulation of private fund advisers under the Advisers Act, as well as other requirements that apply to all SEC-registered investment advisers.
At an SEC Investor Advisory Committee meeting, regulators, academics and market participants examined (i) the disparity in growth between the private and public markets, (ii) oversight of investment advisers and related custody rules, and (iii) a recent rule proposal regarding open-end fund liquidity risk management and swing pricing.
Morgan Stanley Smith Barney LLC, an investment advisory firm, agreed to pay a $13 million penalty to settle SEC charges alleging the firm (i) overbilled investment advisory clients, and (ii) committed custody examination, and books and records violations under the Investment Advisers Act.
The SEC Division of Investment Management extended no-action relief regarding performance audit compliance under the Custody Rule of the Investment Advisers Act.