Judge vacates SEC investor protection rule ...Middle East

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Judge vacates SEC investor protection rule
A U.S. appeals court tossed out a federal rule intended to provide investors more protections and transparency that Wall Street argued would impose undue regulatory burdens and costs. A cohort of trade associations sued the Securities and Exchange Commission (SEC) last summer over new rules that would require hedge funds and private equity to report quarterly fees and expenses to investors and take on annual audits, among other changes. The three-judge panel agreed the SEC had "exceeded its statutory authority" and ruled that "no part of [the private funds rule] can stand." The industry groups behind the complaint applauded the court’s decision. “Today’s ruling is a s

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