The new rules will compel private equity funds, hedge funds and some venture capital firms to release quarterly reports detailing their fees and expenses, executive compensation and fund performance, among other things. The Democrat-controlled U.S. Securities and Exchange Commission voted 3-1 in favour of the proposed changes. (The Logic, The Wall Street Journal)

Talking point: The new rules mark a substantial clampdown on the U.S. private investment industry, part of a broader effort by the SEC to bring more transparency to a somewhat opaque area of capital markets. Its latest proposals are aimed at protecting investors in such funds, which the government has long viewed as more sophisticated than smaller retail investors, and therefore less in need of protection. In particular, the SEC said new regulations would keep funds from providing “certain types of preferential treatment to investors.” The agency said America’s fast growing private investment industry now represents a US$18-trillion market.