On August 23, 2023, the SEC implemented significant changes to private fund adviser regulations. Ron Borys, Ryan Farnsworth, Tim McAndrew and Steve Shappell join in a roundtable discussion covering the new expectations and requirements following the amendments to the Investment Advisers Act of 1940. While the final rules are less stringent than initially proposed, there is anticipation for considerable costly administration and compliance challenges facing private fund advisers as they conform and become compliant.