Eric Diamond, Partner in S&C’s Investment Management and Financial Services Group, spoke with the National Law Journal about what may come next for the U.S. Securities and Exchange Commission following a federal appeals court decision striking down the SEC’s new rule regulating private fund advisers. “The SEC is going to need to consider its next steps very carefully, because the court’s decision has significant implications on the SEC’s rulemaking authority, and that extends beyond this rule alone,” Eric said.
He also discussed the potential for an appeal, as well as the other options on the table, noting that it’s “far from certain that [the SEC] would get a better result if they were to pursue further legal review.”
Read: “SEC's Pursuit of Private Fund Adviser Appeal May Depend on Agency's Larger Agenda, Securities Lawyers Say”