News Release: Fifth Circuit’s Wall Street-Friendly Ruling A Broad Threat to SEC Disclosure Rules
By staying the private fund disclosure rule written by the Securities and Exchange Commission, the Fifth Circuit has given a victory to extraordinarily wealthy predatory financiers and opened the door to undermining the agency’s basic regulatory tools. Stopping the SEC’s private funds rule, which would increase transparency and accountability in the multi-trillion-dollar private funds market, is a terrible outcome in and of itself. But the impacts of this ruling go much further.