Private equity firms angry at SEC's proposed ban
Private equity firms angry at SEC's proposed ban The Securities and Exchange Commission’s move to potentially require more disclosure and prohibit some activities by private equity firms is drawing a mixed reaction from the world of alternatives. The proposal to require private equity firms to share quarterly fund performance data and detailed information on fees was mostly expected that practice is prohibited. That means that a provision that was typically negotiated between investors and private equity fund managers would no longer be allowed. The rule opens private equity firms up to more risk Brown said the rules in question are also known as hedge clause provisions between private equity firms and their investors. These agreements typically say the private equity firm will be indemnified by the fund for losses it suffers so long it meets the standard of care – with no negligence or gross negligence. Now said a lawyer who works on regulatory issues with private equity firms. SEC chief Gary Gensler wants to bring the public’s ‘trust’ back to the stock market — and even to crypto The SEC said the rule change would help protect investors. Brown said. If losses in a fund take place said the group did not have a prepared comment specifically on the SEC’s prohibited activities proposals. Overall We are concerned that these new regulations are unnecessary and will not strengthen pension fund returns or help companies innovate and compete in a global marketplace. The SEC said it will gather comments for 60 days on the proposed S7-03-22 rules but the SEC has taken private equity firms by surprise by its effort to outlaw some conduct altogether. One proposal to prohibit advisers from seeking indemnification for breaching fiduciary duty is likely to draw strong opposition the private equity firm may not seek indemnification from the fund
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