U.S. private funds industry sues securities regulator over new rules

Six private equity and hedge fund trade groups on Friday sued the U.S. Securities and Exchange Commission , arguing the agency overstepped its statutory authority when adopting sweeping new expenses and fees rules last week.

“The SEC has overstepped its statutory authority and core legislative mandate, leaving us no choice but to litigate,” said Bryan Corbett, Chief Executive Officer of the Managed Funds Association . The rules will increase costs for investors and curb competition, he added. The suit is one of a growing number brought against Gensler’s SEC. In a recent blow to the SEC, a judge panel ruled that the SEC was wrong to reject Grayscale Investments’ proposed bitcoin ETF without explaining its reasoning.

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