Wall Street’s main regulator approved sweeping new rules aimed at overhauling the way private-equity and hedge funds deal with their investors, in the biggest regulatory challenge in more than a decade to firms such as Blackstone, Apollo Global Management and Citadel, The Wall Street Journal reports.
The SEC voted 3-2 Wednesday to adopt new requirements for private funds, which manage more than $25 trillion in gross assets for pension plans, university endowments and wealthy individuals. Read more.
