News & Events

Corporate Partner Rajib Chanda was quoted in a FundFire article focusing on a recent PLI forum during which the Director of the SEC’s Division of Investment Management touched on the broad theme of expanding access to private markets for retail investors. The article explained that the SEC is considering removing staff guidance that limits closed-end funds that invest in private funds to an accredited investor audience, a change that could be implemented immediately without a formal rule change and could pave the way for more PE and hedge fund strategies to reach retail investors. Rajib noted that with the upcoming presidential election and Chairman Jay Clayton’s expected departure, a deadline of sorts for such a rule change is approaching. “Regardless of what happens in the election, it’s unclear if any successor would have the same focus. For better or for worse, we’re nearing the end of this particular chapter, and it’s really anybody’s bet where it goes next,” Rajib said. The article also quoted a Simpson Thacher client alert regarding the expected contours of any forthcoming guidance on this topic from the SEC.

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