Proposals by the US regulator, the Securities and Exchange Commission, to make advisors on private funds give quarterly disclosures on fees, costs and performance may not be as strict as once might have been hoped, a legal expert on the space says. One detail is that the watchdog has re-opened a comment period for interested parties to weigh in with their views on the idea – raising concerns that the proposed rules might be less rigorous than originally desired, Elyn Xing, Private Investment Funds partner at Goodwin, said. “When the SEC proposed those new rules to be applicable to relevant private fund advisors under Investment Advisers Act… such private funds rules were expected to be relatively swiftly adopted, and adopted largely as proposed by the SEC. However, the comment period was just re-opened unexpectedly, which might be due to widespread bipartisan pressure,” Xing said. Read the WealthBriefing article here.
In The Press June 14, 2022