Michael Calabrese Comments on Wall Street’s Challenge to New SEC Private Fund Adviser Rule

Foley & Lardner LLP partner Michael Calabrese is quoted in The Hill article, “Wall Street fights back against new SEC reforms in scathing lawsuit,” discussing a recent lawsuit filed by a cohort of trade associations challenging the SEC’s new Private Fund Adviser rule.

“The failure to include standard of care language in the final rule really leaves investors with no greater protection than if the new rules had not been adopted,” Calabrese explained. “In some ways, this runs counter to one of the principles that seemed to underlie the Commission’s efforts – discouraging preferential treatment.”

“Larger investors, and those with statutory or policy mandates on this issue, will continue to get better results here than others,” Calabrese added.