The global private funds industry is bracing for tough rules on private equity, real estate and hedge funds.
The far-reaching rules, first proposed by the US Securities and Exchange Commission in February 2022, are aimed at protecting investors by requiring detailed quarterly reporting on performance, prohibiting secret side deals that give better terms to some investors and limiting what expenses private managers can pass on to their clients.
If the SEC adopts them unchanged at its open meeting on Wednesday, they would capture not just tens of thousands of US private funds but also overseas managers who take money from American investors.
The changes would be the most significant overhaul of the $25tn (£19.6tn) asset industry since the 2010 Dodd-Frank financial reform law, and potentially could be even more seismic than that.
