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Jones Day

Fifth Circuit Vacates SEC Private Fund Adviser Rules

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The U.S. Court of Appeals for the Fifth Circuit held that the new SEC regulation of private fund advisers exceeded the agency's statutory authority....more

Orrick, Herrington & Sutcliffe LLP

5th Circuit vacates SEC private fund adviser rule

On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated an SEC rule that represented a significant change in how private funds and their fund advisers are regulated. As it stands, the decision will spare private...more

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