The US Securities and Exchange Commission (SEC) has approved a reform package that will significantly affect how the $27 trillion private fund industry interacts with investors. The reforms, passed by a 3-2 vote, reflect the most substantial changes in over a decade for the lightly regulated and rapidly growing sector.
While the SEC has long had an oversight role over such non-traditional financial institutions, concerns over investor safety and financial resilience have led it to take a more active role in monitoring conduct and outcomes. The private fund reforms are an example of the SEC's efforts in this direction.
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