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In addition to fee disclosures, the rules adopted by the SEC would prohibit firms from allowing some favored investors to cash out more easily than others.
The groups allege that the SEC failed to adequately calculate the cumulative effect of all its recently finalized and still-pending rules, many of which directly affect private funds.
The American Investment Council and the Managed Funds Association are among the groups alleging the SEC went too far by rolling out sweeping new rules mandating disclosures and barring firms from doing special deals with some investors.
September 1, 2023
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The new rules would require hedge funds and PE firms to disclose details of what they charge investors, while blocking certain types of fee arrangements.
In a deal that ultimately didn’t go through, the world’s largest alternative asset manager agreed to provide financial support for Valley National Bancorp’s bid for SVB in March.