Court rulings or legal documents

US Court Strikes Down SEC Hedge Fund Fee Disclosure Rule, Criticism of Gensler

Jun 5, 2024, 01:50 PM

A federal appeals court has struck down the US Securities and Exchange Commission’s (SEC) rules that required hedge funds and private equity firms to disclose quarterly fees and expenses to investors. The Managed Funds Association, which represents the hedge fund industry, emerged victorious in this legal battle. The ruling has sparked criticism of SEC Chairman Gary Gensler, with calls for his resignation. Critics noted the irony of the decision, highlighting the SEC's pursuit of Keith Gill, who is not a custodian of others' money.