United States: The SEC's Private Fund Adviser Rules Explained — Part 1: The Restricted Activities Rule - Lowenstein Sandler

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to address what it perceives as certain conflicts of interest and threats to investor protection pervasive in the private funds industry (the Private Fund Adviser Rules).