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After nearly 18 months of consideration, the SEC has finalized its Private Fund Adviser Rule. The Rule represents the most significant shift in SEC regulation of private funds since the implementation of Dodd-Frank, and its wide-ranging requirements will affect both US and Non-US Fund Managers (including many entities previously exempt from SEC regulation).

New requirements include:

  • Significant restrictions on side letters and co-investment fees;
  • Regulation regarding GP clawback arrangements and GP-led secondaries; and
  • Significant standardized quarterly investor reporting.

Upon the Rule’s compliance dates, it will retroactively affect existing fund arrangements, and managers across a range of asset classes and strategies will need to take action.

Fill out the form to listen in to hear first impressions and practical compliance tips from Baker McKenzie Funds lawyers Karl Egbert, Shusmita Chowdhury, Zlatomira Simeonova, Kameron Hillstrom, and Deborah You.



Karl Paulson Egbert is the co-chair of the Global Investment Funds steering committee and a member of the firm’s Global Derivatives steering committee. Karl oversees a team of lawyers on a wide range of US regulatory, corporate and derivatives matters. Karl has practiced in New York, London, Hong Kong and Washington, DC, working on fund formation, derivatives matters and capital markets transactions. He is also an adjunct professor of Law at the Georgetown University Law Center.

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