Law stated as at 13 Sep 2023 • European Union, United Kingdom, USA (National/Federal)
The US Securities and Exchange Commission (SEC) adopted new rules for private fund managers in August 2023.
The new rules include restrictions on preferential treatment of investors, which the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) also addresses. Noting that there are various instances that could bring an EU AIFM within the scope of the new SEC rules, this article examines how the new obligations under the SEC rules compare with those that AIFMs are subject to under EU member state laws (and UK law and regulation) implementing the AIFMD.