Just over a week ago the US Securities and Exchange Commission approved its final rules increasing regulation of private fund advisers. The most common view at the time was that compliance would result in an inevitable drain on time as well as additional cost (a particular worry for newer and smaller funds), but that this was nonetheless a price worth paying for what appeared to be a step back from the more aggressive approach advocated by SEC chair Gary Gensler.
Views diverge as SEC rules sink in
To some, the rules are simply a means of ensuring private fund managers apply the same principles as other asset managers. To others, they demand a strong defensive response.
