Episode 38: RIP Private Fund Adviser Rule

Tokens of Wisdom

Big news today (June 5) as the 5th circuit court of appeals VACATED the SEC’s private fund adviser rule!! Go back and listen to Episode 21 if you want to waste your time hearing all the details of this now-defunct rule.

Special Note: you may notice while listening to today’s episode that I mistakenly refer listeners to Episode 29 for my full PFAR breakdown (I refer to “Episode 29” several times). Turns out, I’m even worse at math than I thought, because my PFAR episode is # 21; not 29…Rather than delay the episode and re-record, I’m alerting you here. Cuz everyone reads the show notes, obviously.

Key Points From This Episode:

• What is Section 206(4) of the Advisers Act, and why does it NOT give the SEC authority to issue PFAR?
• What is Section 211(h) of the Advisers Act, and why does it NOT give the SEC authority to issue PFAR?
• What provisions of the Advisers Act DO give the SEC authority to issue PFAR? Hint: None.
• A little bragging about how prescient I was in Episode 21 (not episode 29).

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

5th Circuit Ruling - https://storage.courtlistener.com/recap/gov.uscourts.ca5.215539/gov.uscourts.ca5.215539.123.1.pdf

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [e-mail]