On Feb. 5, attorneys representing the Securities and Exchange Commission (“SEC”) and private fund trade groups argued the agency's new rule that requires increased disclosure from private fund advisers and limits certain fee arrangements.
Litigation & enforcement partner Jeremiah Williams told Pensions & Investments that the judges were not very receptive to the SEC's argument.
“Based on arguments I think there's a high likelihood that they strike down part of this rule, at least,” Jeremiah said. “I think it's a closer call whether they'll strike down the whole rule.”
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