The SEC’s proposed overhaul would require private funds to provide investors with quarterly statements and annual audits, increase their liability for mismanagement or negligence, and prohibit them from giving some investors more-favorable terms than others.
In the 18 months since the SEC floated those ideas, private funds and their trade associations have fought to stymie the agency’s plans.
Source: Private Equity, Hedge Funds Brace for Coming SEC Overhaul – WSJ
