On June 5, 2024, the Fifth Circuit struck down the SEC’s Private Fund Adviser Rules, adopted on August 23, 2023, and challenged shortly thereafter. These Rules had sought to establish fundamentally new and more extensive obligations for private fund advisers registered with the SEC. This included certain heightened reporting obligations
Is the striking down of the private fund adviser rules a pyrrhic victory?
4 min read
There are three reasons why viewing this as an unqualified win for the private fund industry might be premature.