Kelley Howes spoke to Bloomberg Law about the U.S. Securities and Exchange Commission (SEC) adopting regulations aimed at increasing transparency in the multi-trillion-dollar private fund industry, while also easing – and in some cases abandoning – some of the most contentious parts of its initial proposal.
Initially, it isn't clear how the rule's new consent requirements might work in practice, and there could also be difficulties for funds in meeting the disclosure requirements. The rule also creates burdens and expenses for fund managers.
"It can't be underestimated the cost that this is going to have," Kelley said.
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