Alerts6.7.24
Fifth Circuit Vacates SEC’s Private Fund Adviser Rule
On June 5, the Fifth Circuit Court of Appeals vacated in its entirety the SEC’s private fund adviser rule
On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated in its entirety the Securities and Exchange Commission’s (SEC) final “private fund adviser rule” under the Investment Advisers Act of 1940. In unanimously determining to vacate the rule, the three-judge panel held that the SEC exceeded its statutory authority by promulgating the rule and that the anti-fraud rationale is “pretextual.”
Keep Up to Date in a Changing World
Do you want to receive more valuable insights directly in your inbox? Visit our subscription center and let us know what you’re interested in learning more about.
