The SEC waters down new private equity rules

U.S. securities regulators today will vote to approve a Private Fund Advisers rule that's a far cry from what was first proposed 18 months ago, in a major win for private equity industry lobbyists.

The big picture: This was set to be the most significant piece of new private equity regulation in decades, with the SEC playing catch-up to an asset class that now manages trillions of dollars. READ MORE