Regulator is set to finalize a sweeping overhaul
The U.S. securities regulator on Wednesday was set to finalize a sweeping overhaul of private equity and hedge fund rules, but stopped short of banning certain fees and making it easier for investors to sue fund managers, in a victory for the industry.
At the time it was proposed, SEC Chair Gary Gensler said the changes would benefit investors in such funds, typically wealthy individuals and institutional investors like pension funds, and companies raising capital from them. While the changes mark the biggest overhaul of industry rules in years, the SEC rowed back on some contentious proposals after major players, including Citadel and Andreesen Horowitz, argued the agency was overreaching its authority by attempting to bar long-established fee structures and liability terms.
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