My Capitol Asset Strategies business partner, Chris Hayes, is quoted extensively in Bill M.' new #PrivateFundsCFO article on a recent #LimitedPartner amicus response to the U.S. Securities and Exchange Commission's controversial #privatefundadviserrules. The article is worth a read. The notion advanced in the amicus brief and discussed in the article - that the court should allow the SEC's new overreaching rules to stand because without them the SEC would not be able to referee or oversee #privatemarkets is just wrong. The SEC has robustly regulated private markets for a long time and that level of regulation has only increased over the past 15 years without the new private fund adviser rules. Sophisticated parties should still be allowed to negotiate for the terms that they want when they invest. If they don't get the terms they want from one investment opportunity, they are under no obligation to invest in it and have a multitude of other viable investment options to pursue. Likewise, the SEC has authority to regulate markets and market participants responsibly, but that power is not, should not, and cannot be unlimited. It is now up to the United States Court Of Appeals For The Fifth Circuit to decide what happens next. Stay tuned. #privateequity #privatecredit #venturecapital #hedgefunds #regulation
Senior Policy & Regulatory Strategist - Financial Services, Private Funds & Digital Assets; Advisor to Financial Services and Technology Firms
Thanks to Bill M. at #PrivateFundsCFO for reaching out and quoting me in this article on the U.S. Securities and Exchange Commission's #privatefundadviser rules and the recent submission of the Institutional Limited Partners Association (ILPA)'s #amicus #brief. "LPs don’t want the private market to become just another version of mutual funds, where pension fiduciaries select from a narrow menu of off-the-shelf products, but they do want minimum standards of disclosure, openness and conflict-mitigation,Hayes says." #privatefunds #LPs #GPs #privateequity #privatecredit #SEC https://lnkd.in/eibBn-Rh
