Welcome to SEC Roundup, a bimonthly video collection by former Securities and Trade Fee senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Selection Advocates Community.

At a February courtroom listening to on the SEC’s new non-public fund adviser guidelines, the fifth Circuit federal appellate courtroom grilled legal professionals for the SEC and challengers from the Different Funding Administration Affiliation and Managed Funds Affiliation.

On this episode, Morgan talks with Gail Bernstein, normal counsel for the Funding Adviser Affiliation, and Artwork Zwickel of Paul Hastings and CalALTs relating to what’s at stake and the way the courtroom’s rulings might have an effect on traders and funding advisors.

Pay attention in as Bernstein and Zwickel present a complete evaluation of the continuing litigation over SEC’s non-public fund advisor guidelines, shedding mild on the authorized intricacies, potential outcomes, and implications for trade stakeholders.

“The argument went in a considerably shocking route in that the panel [of judges] appeared very involved in doubtlessly saving a few the foundations even when it could resolve to vacate others,” Bernstein relays.

Bernstein offers insights into the latest listening to, emphasizing discussions across the SEC’s authority beneath Part 211(h) of the Dodd-Frank Act and the potential severability of challenged guidelines, in addition to the courtroom’s skepticism in the direction of the SEC’s place.