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Securities and Exchange Commission SEC compliance with amended Rule 206 Marketing Rule became mandatory for all investment advisers registered with the Securities and Exchange Commission
The majority opinion deemed the SEC’s in-house adjudications unconstitutional.
2021 continued the trend of increased regulatory focus on privacy and cybersecurity for private investment funds in the U.S. and abroad. There are no signs of the trend leveling off any time soon.
2021 was a record year for SPACs. In 2021, the Nasdaq had 613 SPAC listings, up from 248 in 2020 and just 59 in 2019. Those 613 listings raised $145 billion – a 91 percent increase over the amount raised in 2020.
None of this is to say that we are concerned for the private funds industry. Consumer confidence and spending remain robust, capital remains historically cheap, and private equity investment is strong, but the current market and regulatory environment is unlikely to persist.