SEC Does Not Pursue Appeal on "Private Fund Advisers Rule"
The SEC did not pursue an appeal of the Fifth Circuit's decision to vacate the SEC's Private Fund Advisers Rule (the "Rule").
In National Association of Private Fund Managers v. SEC, the Fifth Circuit determined that the Advisers Act does not provide the SEC the authority to issue the proposed rules covering private investment funds. (See related coverage.) The SEC allowed the September 3, 2024 deadline to appeal the decision to lapse.
According to the Bloomberg report, the SEC said it made a "strategic decision to focus resources on adopting and implementing other items on our rulemaking agenda."
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