The Securities and Exchange Commission voted 3-2 on Wednesday to adopt new requirements for private funds, which manage more than $25 trillion in gross assets for pension plans, university endowments and wealthy individuals.
The SEC’s two Republican commissioners voted against the rules and questioned whether the agency has the legal authority to regulate private funds more closely.
“The rule-making is ahistorical, unjustified, unlawful, impractical, confusing and harmful,” Republican Commissioner Hester Peirce said.
‘Enforcement 40’ for 2020
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