Bill Myers

Court hands big victory to private funds. Rifts in LP community may have aided the downfall of the regulatory package.

The industry has long fought off attempts at this kind of regulation, but many seem to accept it as inevitable, if not necessary.

With two major rule packages pending, SEC presses firms on how they are managing cyber-risks.

The new rules are softer than the original proposal, but they still impose rigid disclosures on exempt advisers.

Many of the nation's largest venture capital firms must adhere to new rules adopted today by a divided U.S. Securities and Exchange Commission.

Aides to SEC chairman Gary Gensler have told private fund reform advocates to dial back their expectations so the chairman can focus on ESG and market structure proposals.

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.

"I’m not sure we need regulation to help facilitate more capital going to unicorns and other large private companies – they seem to be doing fine on their own,” said SEC commissioner Caroline Crenshaw.

Council of Institutional Investors, which represents 140 of the largest public and union pension funds, asks SEC to "consider improving the final rule by requiring that private fund advisors provide pro-rata fee and expense reporting at the LP level upon request of the LP.”

Will a new rulemaking proposal from the SEC slow down the use of blank-check companies, which raised a record $162.5bn through 613 IPOs last year?