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The Private Fund Adviser Rule, adopted in August 2023, has been struck down in full in the U.S. Court of Appeals for the Fifth Circuit following litigation by a number of industry associations representing managers. This includes all 5 new rules and amendments to rule 206(4)-7 (policies and procedures) and rule 204-2 (recordkeeping).

Exploring the key success factors that investment leaders should consider when building successful investment programmes – this is the first in a series of joint publications by the Standards Board for Alternative Investments (SBAI) and the Chartered Alternative Investment Analyst (CAIA) Association.

We recently launched this new initiative for our Signatories and Investor Chapter members to provide opportunities to network with peers combined with educational content. Each community is global and can be an important supplement to existing local networks and an extension of internal teams when exploring new ideas or processes.

The reporting of Stress Test Results in the Open Protocol (OP) Risk Reporting Template has been updated to allow for both gross and net reporting. This is to ensure that managers do not fall foul of the amended SEC Marketing Rule. The update is reflected in the OP Manual, there have been no changes to the OP reporting template (xls/xml).

The Hedge Fund Standards Board (HFSB) is proposing changes to its Standards to improve disclosure of conflicts of interest to investors. The proposed changes also seek to strengthen internal compliance procedures to mitigate conflicts of interest.