Buy-Side Associations Request More Time to Comment on SEC Private Fund Adviser Rule Proposals

Numerous buy-side trade associations requested additional time to comment on the SEC's proposed regulation of private fund advisers. As previously covered, the proposed regulation of private fund advisers included the following rules and amendments: (i) the quarterly statement rule, (ii) the private fund audit rule, (iii) the adviser-led secondaries rule, (iv) the prohibited activities rule, (v) the preferential treatment rule, (vi) the books and records rule amendments, and (vii) the compliance rule amendments.

Thirteen trade associations submitted a joint comment letter in which they collectively agreed that due to the complexity of the proposed rules, a 30-day comment period does not provide enough time to sufficiently review the proposed changes. The associations requested that the SEC extend the comment period to 120 days after Federal Register publication for the proposed rule regarding private fund compliance reviews, and 60 days for the publication amending reporting requirements for large private equity advisers. See also, Members of Congress Request that SEC Extend Comment Period on Advisers Act Rulemakings.