The U.S. Court of Appeals for the Fifth Circuit issued a decision in National Association of Private Fund Managers v. Securities and Exchange Commission vacating SEC’s recent final rule restricting—and in some cases prohibiting—certain common contractual agreements between private investment funds and investment advisers.

Following the New Civil Liberties Alliance amicus curiaebrief’s advice, the Court declared that SEC exceeded its statutory authority in promulgating the unlawful rule because Congress never gave SEC oversight of this aspect of private funds. NCLA thanks securities law scholars Paul Mahoney, Adam Pritchard, and J.W. Verret for joining in NCLA’s brief as amicus partners.

The U.S. Court of Appeals for the Fifth Circuit issued a <a href="https://nclalegal.org/filing/opinion-of-the-u-s-court-of-appeals-for-the-fifth-circuit-8/">decision</a> in National Association of Private Fund Managers v. Securities and Exchange Commission vacating SEC’s recent final rule restricting—and in some cases prohibiting—certain common contractual agreements between private investment funds and investment advisers.
Following the New Civil Liberties Alliance amicus curiae <a href="https://nclalegal.org/filing/brief-of-securities-law-scholars-and-the-new-civil-liberties-alliance-as-amici-curiae-in-support-of-petitioners/">brief</a>’s advice, the Court declared that SEC exceeded its statutory authority in promulgating the unlawful rule because Congress never gave SEC oversight of this aspect of private funds. NCLA thanks securities law scholars Paul Mahoney, Adam Pritchard, and J.W. Verret for joining in NCLA’s brief as amicus partners.

Administrative Static is an irreverent legal affairs podcast that exposes the unlawful side of administrative power. Hosts Mark Chenoweth and John Vecchione will decry federal and state agency abuses, trot out legal arguments, grill expert guests, and bandy about the latest cases and controversies. 

Administrative Static is an irreverent legal affairs podcast that exposes the unlawful side of administrative power. Hosts Mark Chenoweth and John Vecchione will decry federal and state agency abuses, trot out legal arguments, grill expert guests, and bandy about the latest cases and controversies.&nbsp;

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