Past AIMA Work

An initial high level summary of the final rules was published August 23, 2023, and members can access it here.  An analysis of the application of the PFA Rule to non-U.S. advisers can be accessed here.  Subsequently, we published more in depth summaries of the requirements, one for registered investment advisers available here, and another for private fund advisers exempt from SEC registration avialable here.

AIMA hosted a “what’s required” webinar on August 25 to discuss the final rules, what may have changed from what was proposed and more.  Members can access the replay below.

On September 6, AIMA hosted a webinar focused on the private funds adviser rule requirements that apply to non-U.S. exempt reporting advisers.  Members can replay that session below.  Members that are non-U.S. registered investment advisers will find the replay of the What's Required webinar to be more helpful than this session but may benefit from some of the discussion in the webinar for ERAs regarding the complications arising when some private fund clients are in the U.S.

AIMA's September issue of the Government and Regulatory Affairs Newsletter featured an article that explained the final rules' harm to investors and advisers, why challenging PFAR is necessary and what PFAR and other pending SEC proposed rules (if adopted as proposed) could mean for the private funds industry in the U.S. Click here to read the full article. 

AIMA has presented a series of webinars delving more deeply into the various components of the new rules.  See the "Upcoming Sessions and Replays" section of this webpage, below, for program announcements and replays of past sessions.

AIMA also launched a mini series of podcasts on some of the thornier aspects of the rules’ requirements with topics to be determined based on the terms of the final rules.

Finally, on April 25, AIMA published an implementation guide to assist members with the changes mandated by the final rules.  THat can be accessed by clicking "Download the Guide" at the top of this page.

If you have any questions about the above roadmap, the proposed rules and what the rules could mean for investment advisers and investors, or any other inquiries, please reach out to [email protected].

PFAR Peer Group

Members who would like to join the PFAR Peer Group, which will convene periodically during the compliance period to discuss implementation challenges, can sign up here.

 Webinar Replays

AIMA Webinar: PFAR Implementation Guide: The most work we have done on something we hope you won’t need DATE: 25 April 2024 TIME: 11:00AM - 12:00PM EDT
AIMA Webinar: Implications of PFAR for Private Credit Funds DATE: 08 December 2023 TIME: 10:00AM - 11:00AM EST
AIMA Webinar: Dissecting PFAR’s Quarterly Statements Requirements DATE: 09 November 2023 TIME: 11:00AM - 12:00PM EST
AIMA Webinar: Exploring the Implications of PFAR’s Restricted Activities DATE: 26 October 2023 TIME: 11:00AM - 12:00PM EDT
AIMA Webinar: Implications of PFAR for Preferential Treatment DATE: 20 October, 2023 TIME: 12:30PM - 1:30PM EDT
AIMA Webinar: PFA for ERAs DATE: 6 September 2023 TIME: 11am BST | 6pm SGT / HKT

The SEC’s New Requirements for Advisers to Private Funds Date: 25 August 2023  Time: 12:00 pm - 1:00 pm ET

Podcast Replays 

Ep. 1 PFAR 360 | Liability Standard Post-PFAR This episode examines the state of the adviser's fiduciary duty post-final rule, what may have changed, if anything, and what managers can do in reaction to the final rule.
Ep. 2 PFAR 360 | Comparing the Quarterly Statement Rule to the Marketing Rule This episode of AIMA's podcast series, the Private Fund Adviser Rules 360 (PFAR 360), explores the intersection of the Marketing Rule with the Private Fund Adviser Rules (“PFAR”).
Ep. 3 PFAR 360| Contracts, confidentiality provisions, consent and corporate governance
Ep. 68 The Long-Short | Getting under the hood of the Private Fund Adviser Rule AIMA's Global Head of Asset Management Regulation and Sound Practices discusses highlights for the private fund adviser rules in a podcast episode.