US appeals court overturns SEC rule on oversight of private equity, hedge funds

US appeals court overturns SEC rule on oversight of private equity, hedge funds

FILE PHOTO: People exit the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

A U.S. appeals court threw out a Securities and Exchange Commission rule intended to give investors more transparency into private funds, handing a victory to the nearly $27 trillion industry.