In this issue, we discuss technical amendments adopted by the SEC to reflect the federal court’s decision to vacate the private fund advisers rule under the Advisers Act.

Rules and regulations

SEC adopts technical amendments to reflect vacatur of private fund advisers rule

On November 8, 2024, the SEC adopted technical amendments to reflect the vacatur of the Advisers Act rules and amendments adopted on August 23, 2024 targeting private fund advisers (Private Fund Advisers Rule).  The Private Fund Advisers Rule became effective on November 13, 2023, and on June 5, 2024, a three-judge panel on the U.S. Court of Appeals for the Fifth Circuit unanimously ruled to vacate such rule. As a result of the federal court’s decision, the Private Fund Advisers Rule is no longer in effect as of June 5, 2024, and the technical amendments reflect the vacatur by rescinding the Private Fund Advisers Rule in the Code of Federal Regulations.  For more information on the federal court’s decision to vacate the Private Fund Advisers Rule, please see our client update from June 2024.

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