SEC’s PF rules published in Federal Register

The notice puts the industry on the clock.

The Federal Register on Thursday published the SEC’s sweeping new private funds rule, putting fund managers on the clock.

The first deadline under the new rules – the requirements that all registered investment advisers conduct annual compliance reviews – takes effects 60 days from Thursday, which means examiners or commission enforcement lawyers may well be asking about them a year from now.

Large, registered funds (those with at least $1.5 billion in regulatory assets under management) will now have 12 months to implement most of the disclosure rules. Smaller registered funds have 18 months.

Six trade associations have sued to stop the rules in the U.S. Court of Appeals for the Fifth Circuit.