[co-author: Carlos Juarez]*
The Securities and Exchange Commission let pass the deadline to seek a review of the decision by the US Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) to vacate the SEC’s final rule relating to private fund advisers (the “Final Rule”). The SEC adopted the Final Rule on August 23, 2023. The Final Rule was designed to enhance the regulation of private fund advisers and protect investors who invest in private funds by preventing fraud, deception, or manipulation by the investment advisers to those funds. Read our Legal Update on the Final Rule. On June 5, 2024, a three-judge panel of the Fifth Circuit unanimously vacated the Final Rule after several industry and trade groups challenged the Final Rule, which would have caused a significant change to the regulation and operation of private funds. Read our Legal Update on the Fifth Circuit’s decision.
The SEC had until September 3, 2024, or 90 days from the Fifth Circuit’s final ruling, to file a petition for a writ of certiorari with the Supreme Court.
*Summer Associate
[View source.]
