SEC finally issues private fund rules

Advisers may breathe sighs of relief as the final rules are less restrictive than many expected

Sometimes even the Securities and Exchange Commission (SEC) can shock people. The commission yesterday unanimously voted to adopt new rules requiring certain hedge fund and private fund advisers to report confidential data to the government.

The new reporting requirements come as a result of Sections 404 and 406 of the Dodd-Frank Act, which requires SEC-registered investment advisers with at least $150 million in private fund assets under management to periodically file a new, confidential reporting form—Form PF.

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