On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated—in their entirety—the controversial private fund reforms adopted by the Securities and Exchange Commission (the “SEC”) in August 2023 (collectively, the “Private Fund Rules”). The highly anticipated decision in National Association of Private Fund Managers, et al., v. SEC follows oral arguments heard by the Fifth Circuit in February of this year, in which the trade associations that challenged the Private Fund Rules argued that the SEC overstepped the bounds of its statutory authority in passing the Private Fund Rules.