Fifth Circuit Court of Appeals vacates SEC's private fund advisers rulemaking

On June 5, the Fifth Circuit Court of Appeals vacated the SEC’s private fund rulemaking package. The court cited that the SEC exceeded its statutory authority in adopting these rules.

As background, the SEC adopted new rules aimed at enhancing private fund investor protection in August 2023. In September 2023, industry groups filed a joint petition against the SEC claiming that the private fund adviser rules exceeded the Commission’s statutory authority and did not comply with certain requirements for rulemaking. The petition also claimed that the rules would be overly burdensome to implement.

It is unclear at this point whether the SEC will appeal the decision.

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