- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-09-18T13:45:00
A lawsuit filed by industry groups alleging the Securities and Exchange Commission (SEC) overstepped when it passed new rules for private fund advisers last month is unlikely to stop their implementation, according to experts.
The lawsuit, filed in the U.S. Court of Appeals for the Fifth Circuit, claims the SEC exceeded its statutory authority when it passed the rules intended to increase transparency and accountability to investors in a private fund market estimated to exceed $26 trillion.
The groups that brought the suit included the National Association of Private Fund Managers, Alternative Investment Management Association, American Investment Council, Loan Syndications and Trading Association, Managed Funds Association (MFA), and National Venture Capital Association.
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A federal appeals court struck down the Securities and Exchange Commission’s private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.
Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.
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.
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