Bill Myers
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.
Disclosure requirements are 'problematic', the Institutional Limited Partners Association says.
Gary Gensler, head of the US financial regulator, is expected to focus on ESG and market structure reforms.
Earlier efforts to reform carried interest taxation had stalled, before US Senator Joe Manchin announced on Wednesday that he and Senate Majority Leader Chuck Schumer had worked out a deal.
Will a new rulemaking proposal from the SEC slow down the use of blank-cheque companies, which raised a record $162.5bn through 613 IPOs last year?