Several trade associations have challenged the SEC’s new private fund rules, asking the Fifth Circuit Court of Appeals in New Orleans to forgo the rules altogether.
Litigation & enforcement partner Jeremiah Williams told The Wall Street Journal Pro that, “while the SEC has broad authority to regulate investment advisers, it has never used that power over private-fund managers in such an ambitious way.” The trade-group lawsuit is “a serious challenge” to the agency’s new rules, Jeramiah said.
There have been lawsuits against the regulator before, “but nothing that has [questioned] the SEC’s role and power to regulate private funds. That question will be squared up here for the first time,” he said.
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