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The Managed Funds Association and five other industry groups have sued the U.S. Securities and Exchange Commission (SEC) over its new private fund advisers rule, saying the agency has overreached its statutory authority and interferes with contracts.

","

MFA, which represents the global asset management industry, filed suit in the U.S. Court of Appeals for the Fifth Circuit in September, saying the rule will result in increased fees, less competition and decreased choice for institutional investors, including pensions, foundations, and endowments.

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ARTICLE/2023/10/01/sec-sued-over-private-fund-adviser-rule/Law Journal Newsletters2023-10-01 00:03:10

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