Today the US Securities and Exchange Commission (SEC) has voted to adopt the final amendments to the requirements under the Investment Advisers Act of 1940 originally published in February 2022 in its Private Fund Adviser Rule proposal.

Commenting on today’s SEC rulemaking, Jack Inglis, AIMA CEO, said: “AIMA welcomes many of the Commission’s revisions of the original Private Fund Adviser Rule proposal. The February 2022 proposal contained a number of terms that would have stifled innovation, imposed disproportionate burdens on private fund market participants, and hindered the industry's ability to deliver value to investors in a manner that balances risks and rewards in the ways investors are seeking.

“We note that the final version of the rules reflects many of the concerns raised by AIMA and other industry stakeholders. However, the rules adopted today still contain several areas of concern for AIMA and our global membership, which includes fund managers and investors of all sizes, and the final text will need to be examined in detail to identify where these remain.

“AIMA is reviewing these revisions and will seek clarification from the SEC on certain aspects. We are assessing the full impact that these rules will have on our members and will be discussing our options with AIMA’s governing board.”