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Commentary by Steven Lofchie

Several industry trade associations filed a Petition for Review in the U.S. Court of Appeals for the Fifth Circuit seeking to "hold unlawful, vacate, and set aside" the SEC's final rules on private funds advisers. The associations argued that the SEC has "not shown any need for the intrusive rules it has adopted."

The Managed Funds Association said an SEC proposal to prohibit a "securitization participant" from engaging in any transaction that would involve or result in a material conflict of interest, "could harm the securitization markets and, as a consequence, undermine the credit markets that depend upon securitization."