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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Several industry trade associations filed a Petition for Review in the U.S. Court of Appeals for the Fifth Circuit seeking to "hold unlawful, vacate, and set aside" the SEC's final rules on private funds advisers. The associations argued that the SEC has "not shown any need for the intrusive rules it has adopted."
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.
The President's Working Group on Financial Markets made several recommendations to the SEC addressing the Public Company Accounting Oversight Board's lack of access to auditors of Chinese companies listed in the United States.
NFA permanently banned a former CPO/CTA for submitting uncertified liquidation and annual financial statements.