Victory For Private Fund Managers: SEC’s Private Fund Rules Vacated by Fifth Circuit Appeals Court

Yesterday, a significant win for private fund managers emerged from the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit“) when a three-judge panel unanimously overruled the Security and Exchange Commission’s (“SEC“) private fund rules passed in August (“Private Fund Rules“). These rules expanded oversight over private funds by restricting certain activities, prohibiting preferential...

SEC ADOPTS NEW PRIVATE FUND ADVISER RULES By: Kamden Crawford, Esq. On August 23, 2023, the Securities and Exchange Commission (“SEC”) finalized new rules under the Investment Advisers Act of 1940 (“Advisers Act”) for advisers of private funds (“New Rules”) with the purpose of enhancing protections to investors in private funds. The New Rules can...