Preparing for Compliance With SEC’s Proposed Private Funds and Cybersecurity Rules

The SEC has been increasingly concerned about the significant role that private funds play in the financial system and the associated risks that they may pose. The private fund adviser and cyber risk management rules proposed by the SEC are intended to address some of those concerns. A recent EisnerAmper program examined the key provisions of those rules and the steps advisers should be taking to prepare for their adoption, including the roles of the CCO, chief financial officer and technology officers. The program featured EisnerAmper partners Louis Bruno and Jeffrey Stomski; EisnerAmper director Raymond Soriano; and Dechert partner Michael L. Sherman. This article synthesizes their key points. See “Private Funds Top the SEC’s 2022 Exam Priorities” (Jun. 9, 2022); and “SEC Risk Alert Reflects Growing Concerns About and Focus on Private Funds” (Feb. 24, 2022).

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