AIMA has broadly welcomed the revised Private Funds Adviser rules and amendments adopted by the US Securities and Exchange Commission (SEC) this week, but has expressed ongoing concerns about some of the changes in the final text.
According to a statement issued by AIMA CEO Jack Inglis: “AIMA is reviewing these revisions and will seek clarification from the SEC on certain aspects”.
The statement reads: “AIMA welcomes many of the Commission’s revisions of the original Private Fund Adviser Rule proposal. The February 2022 proposal contained a number of terms that would have stifled innovation, imposed disproportionate burdens on private fund market participants, and hindered the industry’s ability to deliver value to investors in a manner that balances risks and rewards in the ways investors are seeking.
“We note that the final version of the rules reflects many of the concerns raised by AIMA and other industry stakeholders. However, the rules adopted today still contain several areas of concern for AIMA and our global membership, which includes fund managers and investors of all sizes, and the final text will need to be examined in detail to identify where these remain.
“We are assessing the full impact that these rules will have on our members and will be discussing our options with AIMA’s governing board.”
