AIMA invites you to join our webinar on 13 June 2024.

On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the “Court”) ruled that, in adopting the Private Fund Adviser Rule (“PFAR”), the U.S. Securities and Exchange Commission (“SEC”) had “exceeded its statutory authority” and, “[b]ecause the promulgation of [PFAR] was unauthorized, no part of it can stand.”  On this basis, the Court vacated the rule.  However, this ruling does not have effect until the Court issues its official mandate and the SEC does have multiple options for appeal.

Please join AIMA and a panel of experts for a program exploring:

• The SEC’s appeal options and when we might know how they intend to proceed;
• How the SEC’s appeal options could affect the timing of the Court’s mandate;
• The effect of a delayed mandate on the PFAR compliance transition period deadlines;
• The likelihood of the various outcomes;
• The impact of the mandate on the already effective amendment requiring written documentation of compliance program reviews;
• The impact of the ruling on the pending SEC rule proposals that rely on Section 211(h) of the U.S. Investment Advisers Act of 1940; and
• What advisers may need to expect from investors and the SEC’s examinations and enforcement staff regardless of the ultimate outcome.

AIMA Host:

• Kher Sheng Lee, Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs, AIMA

Speakers:

• Jason Daniel, Partner, Akin Gump Strauss Hauer & Feld LLP
• Jefferey LeMaster, Partner, Clifford Chance LLP
• Robert Leonard, Partner, Dechert LLP
• Aaron Weiss, MD & Head of APAC (FSCR), Kroll

Moderator:

• Suzan Rose, Senior Adviser, Government and Regulatory Affairs, AIMA

Replay can be found here.