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Financial Services Law Insights and Observations

5th Circuit vacates SEC private fund adviser rule

Courts Securities Appellate Securities Exchange Commission Hedge Fund


On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated an SEC rule that represented a significant change in how private funds and their fund advisers are regulated. As it stands, the decision will spare private funds and their advisers from what would have been a material increase in regulatory burden. Prior to the 5th Circuit’s ruling, the rule expanded the scope of disclosure, reporting, and other obligations for private funds and their advisers.

You can read more about the court’s decision here as an Orrick Insight.