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Application of the New Private Fund Adviser Rules to Offshore Advisers, Hedge Fund Law Report – Publications

Outside Publication

January 18, 2024

On August 23, 2023, the US Securities and Exchange Commission (SEC) adopted five new rules applicable to private fund advisers: the Quarterly Statement Rule, the Private Fund Audit Rule, the Adviser-Led Secondaries Rule, the Restricted Activities Rule, and the Preferential Treatment Rule (collectively, the PFA Rules). The SEC also amended the Compliance Rule and the Books and Records Rule. While these new rules will have broad ramifications for advisers to private funds in the United States, they will also apply in certain instances to advisers whose principal office and place of business is outside of the United States (offshore advisers).

In an article for Hedge Fund Law Report partners Christine Lombardo and Christine Schleppegrell, with associates Joshua Gurney and Ellen Weinstein, explore some of the considerable nuances in how the PFA Rules may apply to offshore advisers given the generalized guidance from the SEC.

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