PFAR Implementation Guide: The most work we have done on something we hope you won’t need
Delegates joined AIMA and Clifford Chance for the launch of AIMA’s Private Fund Adviser Rule Implementation Guide. AIMA staff and Clifford Chance attorneys have spent an extraordinary amount of time putting this guide together to help AIMA members navigate the new requirements for private fund advisers – but we hope you won’t need it.
AIMA is participating in litigation challenging the new requirements under the private fund adviser rule, arguing that they are infeasible and inappropriate, and has asked the court to invalidate the private fund adviser rule in its entirety. We continue to believe the rule is unworkable and the new requirements will pose significant challenges to the private fund industry and its participants.
However, as the private fund adviser rule is currently in place, the aim of the Guide is to explain the key concepts in detail, identify key questions and challenges and make recommendations as to the advance planning that members can perform prior to potential implementation of these requirements, which absent judicial intervention, become effective for large private fund advisers on September 14, 2024 and small private fund advisers on March 14, 2025.
Certain of these requirements may have, to some degree, an element of ambiguity requiring advisers and their legal counsel to take a view in the absence of further SEC guidance. However, the Guide may be used to identify the core concepts impacting advisers and the key questions advisers should be addressing internally in order to alter their day-to day operations to meet the demands of these requirements.
Please watch the playback for an introduction to the Guide and discussion of the aspects advisers should be considering while the court challenge is pending.
Our panel of speakers included:
- Jennifer Wood, AIMA’s Global Head of Asset Management Regulation and Sound Practice
- Jefferey LeMaster, Partner at Clifford Chance
- Jeffrey Berman, Partner at Clifford Chance
- Andrew Nelson, Associate at Clifford Chance
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