A three-judge panel of the U.S. 5th Circuit Court of Appeals in New Orleans sided with industry groups arguing against Securities and Exchange Commission rules, which required hedge funds and private equity firms to disclose quarterly fees and expenses to investors. (Bloomberg)

Talking point: The rules, which were adopted in August 2023, were part of the SEC’s broader push for greater oversight and accountability in the $26-trillion market, which SEC chair Gary Gensler has said lacks transparency. Industry trade group Managed Funds Association called the decision a “significant victory for markets, fund managers, and investors, including pensions, foundations, and endowments.” The SEC said it’s reviewing the decision.