The SEC’s private fund advisor reforms were approved on a 3-2 vote, and while modified and weakened to some degree according to exports who have spoken with, they still are, as the Wall Street Journal put it, “the biggest regulatory challenge in more than a decade to firms such as Blackstone, Apollo Global Management and Citadel.” And to much smaller companies as well that are part of the estimated $25 trillion in gross assets being managed.

“Compared to the proposal, it’s been watered down to make it more acceptable, to reduce pushback,” says Ron Geffner, founding member of the executive committee at Sadis & Goldberg, as well as overseeing the financial service group and being a former SEC enforcement lawyer. “The three main things I think that will affect the industry are quarterly reporting, the preferential treatment rule, and the audit rule.”

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