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Volume XII, Number 274

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SEC Reopens Comment Period for Proposed Private Fund Adviser Rules

Yesterday, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers.  The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. 

The comment period closed on April 25 and the SEC has already received comment letters from most industry trade groups.  Many of these groups had petitioned the SEC for an extension of time to allow for more meaningful comments on the flurry of rule proposals in the last several months.  The SEC also received a letter from 47 members of Congress who shared similar concerns. 

In addition to reopening the comment period for the private fund adviser rules, the SEC re-opened the comment period for proposed rulemaking to amend Regulation ATS, and extended the comment period for its proposed rules on climate-related disclosures by public companies.  It did not re-open comment periods for other rules that were also the subject of the petition from industry groups, including amendments to Form PF.

Furthermore, the SEC noted that the scope and comment process for the releases pertaining to the proposed private fund adviser rules and the proposed rulemaking to amend Regulation ATS will remain as stated in the original Federal Register notices (of March 24, 2022, and March 18, 2022).

© 2022 Proskauer Rose LLP. National Law Review, Volume XII, Number 130
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About this Author

Howard Beber, Tax Attorney, Proskauer Rose Law Firm
Partner

Howard J. Beber is a partner in the Corporate Department and co-head of the Private Funds Group, which is recognized by Chambers GlobalChambers USA and US Legal 500. His practice focuses on representing private equity funds and institutional investors on a broad range of issues including fund formations, secondary transactions and portfolio investments. 

Howard is actively involved in all stages of fund formation and fund sponsor representation, counseling on terms and marketing strategy, preparing offering documents...

617-526-9754
Michael F Mavrides, Proskauer Rose Law Firm, Private Investment Attorney
Partner

Michael F. Mavrides is a Partner in the Hedge Funds Group. Mike focuses his practice on representing domestic and offshore hedge funds, funds of funds and other private investment funds, including private equity and real estate investment funds. He regularly advises funds and their managers on a wide variety of issues, including formation and structuring, seed capital, anchor capital and other strategic arrangements, placement agency, solicitation and other marketing arrangements, succession planning, separately managed accounts, and all types of portfolio management, trading and...

212-969-3670
Robert Plaze, Investment Manager Attorney, Regulatory and Compliance
Partner

Robert E. Plaze is a partner and a member of the Investment Management team. He advises investment advisers and investment companies on an array of matters, with a particular focus on regulatory and compliance matters arising under the federal securities laws.

Bob previously served as Deputy Director of the Division of Investment Management of the U.S. Securities and Exchange Commission. During his nearly 30 years of service with the Commission, he was responsible for policy development and management of many of the key regulatory initiatives during that period affecting investment...

202-416-6692
Robert H. Sutton New York Partner Funds Finance Corporate Law Proskauer Law Firm
Partner

Robert is a partner of the Private Funds Group and a member of the Corporate Department. He is a seasoned practitioner with over 20 years of experience counseling managers and advisers of private funds on regulatory matters, as well as regulatory issues related to the formation and operation of private equity, credit, real estate, infrastructure, hedge and other private funds.

Rob has a deep knowledge of the market practice of asset managers and in particular, as it relates to Advisers Act-related issues. From some of the largest and most...

212-969-3480
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