• Registered IAs to provide more transparency to investors; • Registered IAs to provide quarterly statements and an audit mandatory since not all advisers are subject to the custody rule and even then, not necessarily required to obtain an audit; • Registered IAs and non-registered IAs (includes exempt reporting advisers) will be prohibited from engaging in certain sales practices, conflicts of interest, and compensation schemes contrary to protecting investors; • All registered IAs and non-registered IAs (includes exempt reporting advisers) will be prohibited from providing preferential treatment to certain investors in a private fund unless the adviser discloses such treatment to other current and prospective investors

Proposed one year transition period to comply