By Aaron Nicodemus2024-06-05T20:21:00
A federal appeals court struck down the Securities and Exchange Commission’s (SEC) private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.
The unanimous decision to vacate the rule by the U.S. Court of Appeals for the Fifth Circuit, released Wednesday, hinged on the court’s interpretation of provisions to protect “retail” investors contained in the Investment Advisers Act and the Dodd-Frank Act.
The SEC argued the provisions covered all investors, giving them the authority to regulate private funds. Private funds, owned by more sophisticated investors, have long been exempted from the same regulations that apply to funds owned by retail investors. The court ruled Congress must explicitly give the SEC the authority to regulate private funds.
2024-12-13T17:55:00Z By Aaron Nicodemus
A U.S. Appeals Court overturned a Securities and Exchange Commission rule that had required companies listed on the Nasdaq stock exchange to disclose whether their boards had women or minority members–and if not, why not.
2023-09-18T13:45:00Z By Aaron Nicodemus
A lawsuit filed by industry groups alleging the Securities and Exchange Commission overstepped its authority when it passed new rules for private fund advisers is unlikely to stop their implementation, according to experts.
2023-08-28T13:44:00Z By Aaron Nicodemus
Even though compliance dates for the Securities and Exchange Commission’s new private fund rules are a year to 18 months away, compliance teams should start analyzing the impact now, according to experts.
2025-10-03T21:24:00Z By Adrianne Appel
While the Trump administration may have shifted away from pursuing small, white-collar, financial crimes, its focus on health care fraud cases is as hot as ever.
2025-10-01T21:10:00Z By Neil Hodge
The U.K’.s financial regulator has given a strong indication that financial firms’ use of unauthorized devices and apps is under scrutiny and that policies around off-channel communications need to be tightened up.
2025-09-29T19:09:00Z By Adrianne Appel
Regulatory relief from anti-money laundering rules is in the cards for casinos, insurance companies and other non-bank financial institutions, the U.S. Treasury Department’s Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday.
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