The U.S. Securities and Exchange Commission (SEC) has proposed new rules that target advisers to private funds. Among other changes, the rules would require these advisers to obtain annual audited financial statements for each of the private funds they manage, as well as to provide investors with quarterly statements detailing fund performance, fees and expenses. Additionally, any adviser-led secondary transaction would require a fairness opinion from an independent third party. The proposed rules have been described as a “sea change” in the law.
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