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.
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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.
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‘Enforcement 40’ for 2020
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