Bill Myers
Earlier efforts to reform carried interest taxation had stalled, before US Senator Joe Manchin announced on Wednesday that he and Senate Majority Leader Chuck Schumer had worked out a deal.
If brought into law, the proposals would include ban a raft of fees, expenses and business practices in all private funds.
The new advertising guidelines could give private funds more space to innovate. But they also bring their own compliance complexities.
The pandemic has brought both active relief from regulators and greater unknowns and risks for private funds’ compliance teams.
Rialto Capital Management acted "promptly" to address fee problems in its private funds, the SEC says, and it may have saved the adviser a lot of trouble.
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