STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Carolina Mandl
SEC Chair Gary Gensler said the rules will increase transparency and competition in the private funds industry, which oversees around $20 trillion in assets and has been accused by advocacy groups of opacity and conflicts of interest.The changes require private funds to issue quarterly fee and performance reports and to perform annual audits.
The suit was filed in the 5th U.S. Circuit Court of Appeals. The other petitioners are the National Venture Capital Association, American Investment Council, Alternative Investment Management Association, National Association of Private Fund Managers and the Loan Syndications & Trading Association.
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