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Must Reading
August 25, 2023

If you were wondering yesterday, “Where is my weekly issue of Cabinet News and Views?”, here is the answer: The SEC’s Private Fund Adviser Rule is so significant – must reading, we think – that we decided to hold our issue just one day in order to give our team, led by senior counsel Maurine Bartlett, the opportunity to read, analyze, discuss and interpret the implications of the rule in our lead article this week. Simply put, the adoption of the rules by the SEC adds additional requirements to advisors of private funds. However, as Maurine et al note, the final rule does provide welcome relief to managers and advisors to CLOs and other “securitized asset fund[s].”

Also, in the late-breaking news category, I would recommend to you today’s Fund Finance Friday, which should be out shortly, where our Finance colleagues cover news out the second circuit in the Kirschner v. JP Morgan Chase case where the court held that syndicated loans are not securities.

Any thoughts on the new SEC rule or our other articles this week? You can reach out to me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

In February 2022, the Securities and Exchange Commission proposed sweeping new regulatory requirements under the Investment Advisers Act of 1940, as amended for investment advisers that provide advisory services to “private funds.” At a meeting this past Wednesday, the Commission adopted those rules, with certain key changes, by a three to two vote. Those new regulatory requirements, as adopted, narrow the regulatory differences between SEC-registered investment companies and private funds and significantly increase the Advisers Act regulatory burdens associated with managing a “private fund.” The applicability of the new rules is not linked to the size of an investment adviser’s assets under management. 

You can read our Clients & Friends Memo here.

Partner | Financial Regulation

The Federal Deposit Insurance Corporation gave notice that its Board of Directors will meet next week with a busy agenda. 

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Partner | Financial Regulation

Last week, Rohit Chopra, the director of the Consumer Financial Protection Bureau, shared remarks at a White House roundtable convened to address “harmful data broker practices.” Referring to data brokers as being part of the “surveillance industry,” Chopra announced forthcoming rulemakings that are intended to “ensure that modern-day digital data brokers are not misusing or abusing our sensitive data” by using artificial intelligence and “other predictive decision-making” technologies.

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Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Sukhvir Basran
Partner
T. +44 0 20 7170 8620
sukhvir.basran@cwt.com

Brian Foster
Partner
T. +1 212 504 6736
brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

Gregg Jubin
Partner
T. +1 202 862 2485
gregg.jubin@cwt.com

Philip S. Khinda
Partner
T. +1 202 862 2262
philip.khinda@cwt.com

Ivan Loncar
Partner
T. +1 212 504 6339
ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
T. +1 202 862 2474
peter.malyshev@cwt.com

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@cwt.com

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Alix Prentice
Partner
T. +44 0 20 7170 8710
alix.prentice@cwt.com

Rachel Rodman
Partner
T. +1 202 862 2210
rachel.rodman@cwt.com

Richard M. Schetman
Senior Counsel
T. +1 212 504 6906
richard.schetman@cwt.com

Lary Stromfeld
Partner
T. +1 212 504 6291
lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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