上诉法院驳回SEC对冲基金披露规则

2024-06-05 22:54

An appeals court ruled in favor of six private equity and hedge fund groups, saying the U.S. Securities and Exchange Commission overreached its authority in adopting a rule that was meant to provide more transparency into private funds, according to media reports.
The New Orleans-based fifth U.S. Circuit Court of Appeal rejected the SEC's rule, adopted in August 2023, that required private funds to issue to investors quarterly statements detailing fund fees, expenses, and performance. The rule also would have prohibited the funds from offering preferential treatment to some investors for cashing out.
At the time, the Managed Funds Association argued that the rule would increase costs, undermine competition, and reduce investment opportunities.
SEC Chair Gary Gensler said the new hedge fund rules would enhance transparency and integrity and promote greater competition, and, consequently, increase efficiency.
The industry groups that filed the suit against the SEC are: the Managed Funds Association, the National Association of Private Fund Managers, the American Investment Council, the Alternative Investment Management Association, the National Venture Capital Association, and the Loan Syndications and Trading Association.

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