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Email In February 2022, the Securities and Exchange Commission (the “SEC” or the “Commission”) proposed sweeping new regulatory requirements under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) for investment advisers that provide advisory services to “private funds.” At a meeting this past Wednesday, the Commission adopted those rules, with certain key changes, by a three to two vote. https://www.cadwalader.com/resources/clients-friends-memos/sec-adopts-extensive-new-rules-for-investment-advisers-to-private-funds-but-excludes-clos-and-other-securitized-asset-funds-from-those-rules