The SEC’s Private Fund Adviser Rule (PFAR) was struck down decisively by the US Court of Appeals for the Fifth Circuit following a suit by AIMA and other trade bodies to protect the private funds industry from unlawful regulatory overreach.

The story is not over, however. The SEC still has cards to play, including requesting a re-hearing and an appeal to the Supreme Court. Until those options are exhausted, the rules are not dead-dead.

AIMA’s Global Head of Asset Management Regulation and Sound Practices, Jennifer Wood, outlines the various scenarios that could play out over the next few months before the industry is safe from PFAR once and for all. 

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