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SEC Rulemaking Tracker

Finalized Rules with Upcoming Compliance and Effective Dates

 

Rule Effective Dates Brief Description
Form PF Dec. 11, 2023

Hedge funds need to report current reporting events within 72 hours of occurrence, and private equity fund advisers need to report private equity reporting events within 60 days of quarter-end

Such hedge fund trigger events will include certain extraordinary investment losses, significant margin and default events, terminations or material restrictions of prime broker relationships, operations events, and events associated with withdrawals and redemptions. Private equity trigger events include the removal of a general partner, certain fund termination events, and the occurrence of an adviser-led secondary transaction​

June 11, 2024 Amended section 4 of Form PF includes questions on GP and LP clawbacks, PE fund investment strategies, fund-level borrowings, events of default, bridge financings to controlled portfolio companies, and geographic breakdown of investments
Corporate Transparency Act (CTA) January 1, 2024
Existing entities: January 1, 2025
Entities must submit a beneficial ownership declaration unless an exemption applies. Although advisers under the jurisdiction of the SEC are exempt themselves, certain entities in a fund structure may need to be reported. On March 2, 2025, the U.S. Treasury issued a statement saying it will not enforce penalties or fines associated with the CTA’s beneficial ownership reporting.
Schedule 13D February 5, 2024
Compliance date: Dec. 18, 2024, for structured, machine-readable data requirements
Shortens the initial filing timeline from ten business days to five business days. Amendments are required to be filed within two business days
Form N-PX July 1, 2024
Compliance date: Aug. 31, 2024 (covers period of July 1, 2023 to June 30, 2024)
Institutional investment managers subject to Section 13(f) reporting requirements need to file an annual Form N-PX showing how they voted proxies relating to certain executive compensation matters
Regulation S-P August 2, 2024
Compliance date: December 3, 2025 for large advisers with at least $1.5B AUM; June 3, 2026 for small advisers with less than $1.5B AUM
Covered institutions must create an incident response program reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information. Individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization must be notified no later than 30 days after becoming aware of such incident
Schedule 13D September 30, 2024 Shortens the initial filing timeline for Qualified Institutional Investors and exempt investors from 45 days after the year end to 45 days from the end of the calendar quarter in which the investor beneficially owns more than 5% of the covered class. For other 13G filers, the timeline for initial filing is shortened from ten days to five business days. Finally, for all 13G filers the timeline to file an amendment for material changes is shortened from 45 days after calendar year end to 45 days from quarter end in which the material change occurred
SEC/CFTC Amendments to Form PF June 12, 2025 This is the second set of Form PF reporting amendments in as many years. Among the changes, advisers will be required to disaggregate complex fund structures, report contributions and withdrawals/redemptions in the reporting period, and provide increased performance measures
Investment Adviser Anti-Money Laundering Program Requirements January 1, 2026 RIAs and ERAs are required to (1) designate an AML Compliance Officer; (2) implement an AML program; (3) conduct independent testing of the program; and (4) provide AML training to employees. FinCEN has delegated examination authority to the SEC
Form SHO January 2, 2026 Institutional Investment Managers are required to file Form SHO within 14 calendar days of month end if they exceed certain thresholds in short-sale positions

Proposed Rules

 

Rule Proposed Dates Brief Description
Customer Identification Program (“CIP”) May 13, 2024

The proposed rule aims to strengthen AML/CFT measures in the investment adviser sector. It would require RIAs and ERAs to implement CIPs that would make it more difficult for persons to use false identities to establish customer relationships with investment advisors. The CIP would include procedures for RIAs and ERAs to verify the identity of each customer to the extent reasonable, and obtain certain identifying information from each customer. This is separate from the finalized August 2024 rule issued by FinCEN requiring investment advisers to adopt an AML program

Conflicts of Interest for Use of AI July 26, 2023 Firms that use a “Covered Technology” (use of analytical, technological, or computational functions, algorithms, models, correlation matrices, or similar methods or processes that optimize for, predict, guide, forecast, or direct investment-related behaviors or outcomes) would be required to evaluate whether any conflicts of interest may exist from such technology, and if so, eliminate them. Firms would also need to establish written policies and procedures addressing the use and conflicts of such Covered Technology. Finally, there are new record keeping requirements advisers would need to follow
Safeguarding Advisory Client Assets February 15, 2023 The proposed amendments would expand the Custody Rule to cover any client assets that an adviser has custody of, including but not limited to digital assets, real estate, and commodities. Assets would now also include non-traditional line items, such as written options and negative cash. Under the proposal, qualified custodians would be required to have “possession or control” of advisory client assets, with limited exceptions for physical assets and certain privately offered securities
Outsourcing by Investment Advisers
 
 
October 26, 2022 Among other proposed requirements, advisers would need to be able to document their analyses of the scope of work service providers are performing, each service provider’s subcontracting arrangements, and potential risks to the adviser relating to work performed by the provider
Enhanced ESG Disclosure May 25, 2022 Under the proposed rule, advisers would have to specify whether they or their private funds pursue ESG “Integration Funds,” “ESG-Focused Funds,” or “Impact Funds,” and disclose certain ESG-related information on Form ADV Part 1A and Part 2A, including methods of analysis, financial industry affiliations, and proxy voting policies, among other things
Cyber Security February 9, 2022 Registered advisers would need to adopt policies reasonably designed to address cybersecurity risks, conduct annual reviews of the policies, and report significant cybersecurity incidents and risks to the SEC in new Form ADV-C and Form ADV Part 2A

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