"We'd had issues and challenges in private funds earlier and the transparency the U.S. government had into it was scant at best," said SEC Chair Gary Gensler.The proposed changes to the SEC's "Form Private Fund " rules would require private funds to disclose details of material events within one business day, compared with the current quarterly or annual requirement, depending on the firm.
"After almost a decade of experience analyzing the information collected in Form PF, we have identified significant information gaps and situations where we would benefit from additional information," added Gensler. In 2013, private funds managed approximately $5 trillion in assets but that number grew to approximately $11 trillion by the end of 2020, according to an SEC official.
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