Reported 4 months ago
A U.S. appeals court has ruled in favor of private equity and hedge fund groups by overturning a Securities and Exchange Commission (SEC) rule aimed at increasing investors' transparency into private funds. The decision, by the New Orleans-based 5th U.S. Circuit Court of Appeals, found that the SEC exceeded its authority in adopting the rule, which required fund managers to issue quarterly reports, perform annual audits, and eliminate preferential treatment for some investors. Industry officials praised the decision, while investor advocates criticized it for undermining investor protection and the SEC's ability to safeguard market integrity.
Source: YAHOO