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Aaron Schlaphoff Discusses New SEC Rules for Fund Managers With PitchBook

August 23, 2023

Corporate partner Aaron Schlaphoff spoke with PitchBook about the SEC’s recently approved rules and Investment Advisers Act amendments affecting private fund managers. In “New SEC rules could arm LPs with more negotiating power,” published on August 23, Aaron notes that one of the new rules, which prohibits fund managers from forming certain preferential treatment agreements with LPs, is somewhat ambiguous and therefore open to interpretation. He also discussed the SEC’s decision to modify its initial proposal to prohibit fund managers from allocating regulatory costs to private funds.

“I think that narrowing was important,” Aaron says. “They really had some very broad prohibitions that would’ve been very difficult to operationalize.”

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