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首页> 外文期刊>Journal of Investment Compliance >SEC adopts new anti-fraud rule for private funds
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SEC adopts new anti-fraud rule for private funds

机译：SEC对私募基金采用新的反欺诈规则

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Purpose – The purpose of this paper is to analyze new SEC Rule 206(4)-8 under the Investment Advisers Act of 1940 and discuss its practical implications. Design/methodology/approach – The paper describes the new rule, the types of advisers and funds to which the rule applies, examples of topics on which advisers might make statements that run afoul of the new rule, the application of the rule to both existing and potential investors, the application of the rule beyond statements made in the context of a securities transaction, and the application of the rule to any conduct that is fraudulent, deceptive, or manipulative, including negligent conduct. The paper explains that the scope of the new rule extends beyond Section 34(b) under the Investment Company Act of 1940, that the rule creates no new fiduciary duty, and that it creates no new private right of action against fund advisers. Findings – The new rule signals that the SEC continues to focus intently on the fund activities of both registered and unregistered investment advisers, in particular with respect to their unregistered funds. Practical implications – The new rule is an indicator of the SEC's enforcement intentions. Advisers should review their compliance programs, particularly as they relate to communication and other interaction with current and prospective fund investors, in light of the new rule. Originality/value – The paper provides an helpful rule description and practical guidance from experienced securities lawyers.
机译：目的–本文的目的是分析1940年《投资顾问法案》下的新SEC规则206（4）-8，并讨论其实际含义。设计/方法/方法-本文介绍了新规则，适用规则的顾问类型和资金，顾问可能发表与新规则相抵触的陈述的示例，将规则应用于现有规则以及潜在的投资者，除了在证券交易中所作的陈述外，还应遵守本规则，并且对任何具有欺诈性，欺骗性或操纵性的行为（包括过失行为）实施该规则。该文件解释说，新规则的范围超出了1940年《投资公司法》第34（b）条的范围，该规则不产生新的信托义务，也没有针对基金顾问产生新的私人诉权。调查结果–新规则表明SEC继续专注于注册和未注册投资顾问的资金活动，尤其是在其未注册资金方面。实际影响–新规则是SEC执行意图的指标。顾问应根据新规则，审查其合规计划，特别是与与现有和潜在基金投资者的交流和其他互动有关的合规计划。独创性/价值–该文件为经验丰富的证券律师提供了有用的规则描述和实践指导。

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