"SEC Implements Sweeping Reforms for $20 Trillion Private Fund Industry"

The U.S. Securities and Exchange Commission (SEC) has adopted new rules aimed at increasing transparency and accountability in the private equity and hedge fund industry, which manages around $20 trillion in assets. The rules require private funds to issue quarterly fee and performance reports, disclose certain fee structures, and perform annual audits. However, the SEC dropped proposals to expand funds' legal liability and ban special arrangements for some investors. While the changes mark a significant overhaul, industry groups have expressed concerns about increased costs and limited investment opportunities. The new rules will go into effect in 60 days.