On Feb. 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed a series of new rules under the Investment Advisers Act of 1940 (the Advisers Act) that are applicable to advisers to private funds (the Proposed Rules). The Proposed Rules, which number 341 pages, are intended to provide investors in private funds with increased transparency regarding expenses and performance, but would affect CLO securitizations by imposing new disclosure requirements and expenses on collateral managers for CLOs. Many CLO managers are thinly capitalized so the Proposed Rules raise potential issues for CLO securitizations.