Jason Daniel and Jim Deeken Co-Author Thomson Reuters Article on What the Fifth Circuit’s PFAR Decision Means for SEC Rule Making and Enforcement
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Thomson Reuters Securities Regulation Law Journal has published an article titled “The Direction of the SEC in the Wake of National Ass’n of Private Fund Managers v. SEC,” co-authored by Akin investment management partners Jason Daniel and Jim Deeken. The article discusses the Fifth Circuit’s June 2024 decision to vacate the Private Funds Advisors Rule (PFAR), and how the decision will impact Securities and Exchange Commission (SEC) rule making and enforcement.
The Akin attorneys explore the direction of the SEC following the decision saying, “the SEC may seek to enforce some of the rationale underlying the Private Funds Rule through enforcement actions and exams that put heightened focus on disclosure used by fund managers in selling fund interests.”
Additionally, they highlight that the long-standing position of the SEC that investment managers owe a fiduciary duty to the funds they manage “is likely unaltered” and may remain “a focal point for future SEC enforcement.”
To read the full article, please click here.
