Reported 6 months ago
A US federal appeals court has struck down the Securities and Exchange Commission's rules that required hedge funds and private equity firms to disclose quarterly fees and expenses to investors. The court sided with industry groups, stating that the SEC overstepped its authority. This decision is a setback for the regulator's efforts to increase transparency in the private-funds industry, with SEC Chair Gary Gensler expressing that the staff will review and respond accordingly. The ruling is seen as a significant victory for the industry, with trade groups applauding the decision as a win against SEC overreach.
Source: YAHOO