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SEC Sued Over Private Fund Adviser Rule
The Managed Funds Association and five other industry groups have sued the U.S. Securities and Exchange Commission (SEC) over its new private fund advisers rule, saying the agency has overreached its statutory authority and interferes with contracts.
MFA, which represents the global asset management industry, filed suit in the U.S. Court of Appeals for the Fifth Circuit in September, saying the rule will result in increased fees, less competition and decreased choice for institutional investors, including pensions, foundations, and endowments.
"Private fund investors — who often are advised by the world's leading law firms — have over the years worked with the advisers to private funds to develop and evolve contractual terms that yield important benefits for both parties," wrote MFA's counsel of record, Eugene Scalia of Gibson, Dunn & Crutcher.
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