Nullifies the final rule issued by the Securities and Exchange Commission (SEC) titled Private Fund Advisers; Documentation of Registered…
Official title: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews".
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This joint resolution nullifies the final rule issued by the Securities and Exchange Commission (SEC) titled Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews and published on September 14, 2023. The rule requires SEC-registered advisers to private funds to disclose information to investors regarding compensation, sales practices, and conflicts of interest. It also requires SEC-registered advisers to give investors independent fairness opinions and valuation opinions when initiating certain private fund transactions.
Filed in the House
This house joint resolution has been filed and is working its way through Congress. It will need to pass both the House and the Senate, then be signed by the President to become law.
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