Bill Myers
Bill Myers is Regulatory Compliance Watch’s editor. He focuses on private equity and hedge funds, based in our Rockville office. He’s been a newsman for two decades in Chicago, Cambodia and Washington DC.
In wake of Fifth Circuit decision, rules should be scrapped or carve out private fund managers, groups claim.
The Court's decision hands a big victory to private fund managers while rifts in the LP community may have aided the downfall of the regulatory package.
‘It can be a driver of potential fees,’ Dan Faigus tells packed room at Private Funds CFO event.
A decision is soon due on industry groups' legal moves to block the US Securities and Exchange Commission’s sweeping private fund rules.
The lead attorney for six trade groups has warned an appellate panel that the SEC's sweeping rules will cost industry $5.4bn per year if left standing.
Many LPs are still tepid on the final rules and still appear to want the US regulator as a referee.
On accelerated monitoring fees and indemnities, regulators discover they have had the power all along – bad news for those who would have challenged the relevant initial proposals from the SEC in court.
The US regulator's final rules, voted through on Wednesday, still impose rigid disclosures and require fairness or valuation opinions on continuation fund transactions.
GPs will soon have to report on sponsor-initiated secondaries deals within 60 days from the end of each quarter, after the US regulator voted through the proposals Wednesday.
The SEC had proposed last year to enhance transparency in the private fund industry through various means, including via regulatory filing requirements.