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Private Fund Adviser Rules Implementation Group

The Private Fund Adviser Rules Implementation Group was created in the wake of the SEC’s adoption of its new Private Fund Advisers Rulemaking Package, including the Restricted Activities Rule, the Preferential Treatment Rule, the Quarterly Statements Rule, the Private Fund Adviser Audit Rule, and the Adviser-Led Secondaries Rule. On June 5, 2024, the U.S. Fifth Circuit Court of Appeals vacated the entire final rule package of the private fund adviser rules, including the amendment to the compliance program rule requiring documentation of the annual review.

The IAA will continue to assess the potential impact of the decision and monitor other developments related to the litigation and work with members of the Private Fund Adviser Rules Implementation Group as they consider next steps.

Meeting Frequency: The group holds periodic meetings to discuss developments around this rule package.

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IAA Staff Liaison

Monique Botkin
Associate General Counsel

We encourage all members to participate in our Committees, Working Groups, and Forums.

To join the Private Fund Adviser Rules Implementation Group, please contact or call (202) 293-4222.

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