Rules and regulations
U.S. Court of Appeals vacates the SEC’s private fund advisers rule
In a closely watched case, the U.S. Court of Appeals for the Fifth Circuit struck down in its entirety the SEC’s new private fund advisers rule on the grounds that the rule exceeded the SEC’s statutory authority in a win for the private funds industry. The rule imposed several new requirements on private fund advisers which many industry participants have argued significantly, and unnecessarily, increase compliance obligations and costs of private fund advisers. Please see our recent client update on this topic for more information.