The Securities and Exchange Commission’s (SEC’s) focus on the private funds industry remains acute, with several rulemaking initiatives still pending and slated for adoption in 2024. These topics as they develop will be covered in future Regulatory Updates.  In the meantime, the latter half of 2023 and the start of 2024 have been marked by questions and concerns regarding the implementation and compliance burdens relating to the SEC’s Private Fund Rules, which were adopted in Aug. 2023 and will begin taking effect in Sept. 2024.