Five Articles Outlining Critical Steps Fund Managers Can Take to Prepare for the Recent Onslaught of SEC Rulemaking
William V. de Cordova
Private Equity Law Report
So far in 2022, the private funds industry has seen SEC Chair Gary Gensler and the rest of the Commission pursue an agenda that would radically reshape compliance, reporting and disclosures in the private funds industry. From the first rule proposed under the tenure of former SEC Chair Jay Clayton (the marketing rule) to the most recent one issued (covering environmental, social and governance (ESG) disclosures), functionally no tenet of fund managers’ compliance programs will be left untouched by the SEC’s burst of rulemaking. Although the exact parameters of the final versions of some of those rules remain unknown, fund managers can take tangible steps to bolster their practices to make the eventual compliance with the final rules as smooth and seamless as possible. To aid fund managers’ preparation efforts and in light of the recent Independence Day holiday in the U.S., the Private Equity Law Report is highlighting five articles from its archives that promote fundamental principles and best practices related to areas targeted in recent SEC rule proposals. Articles in this issue offer analysis of an SEC risk alert on the private funds industry (private fund rules proposal); six tips for bolstering cybersecurity and resiliency (cybersecurity proposal); lessons from heightened SEC examinations of ESG practices (ESG proposal); common recordkeeping and disclosure issues in non-standard performance calculations (marketing rule); and historical lessons the industry learned when first filing Form PF (Form PF proposal).