Brian Forman Quoted in IFLR on SEC’s New Private Fund Adviser Rules
Partner Brian Forman was quoted in an International Financial Law Review (IFLR) article entitled “SEC Private Fund Rules Are Law Firms Bonanza.” The article discussed how investment management firms are reaching out to legal experts to prepare for compliance with the new private fund adviser rules, which bring sweeping changes to the $20 trillion private fund industry.
The new rules will require more stringent reporting requirements from private equity, venture capital and hedge fund managers, including reporting on quarterly performance, fees and expenses, as well as restrictions on certain activities without disclosure and, in some cases, consent from investors. The new rules also govern how investment advisers to private funds may enter into side letters with investors in the funds that they manage.
Brian, who chairs Morrison Cohen’s Investment Funds & Advisers Practice, told IFLR that although “the SEC definitely scaled back some of the original requirements,” the rules will “impose very substantial new compliance obligations on the private funds industry in the U.S. that shouldn't be taken lightly.”
Contacts
- Brian R. Forman Partner & Chair, Investment Funds and Advisers
- bforman@morrisoncohen.com
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