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The US Securities and Exchange Commission (SEC) has been criticized for its rulemaking agenda and regulatory decisions. The Fifth Circuit Court recently rebuked the SEC's regulatory decisions, adding to mounting legal challenges. Trade groups representing hedge funds and private equity firms have asked a federal appeals court to overturn the new fee disclosure rules imposed by the SEC. Meanwhile, the SEC has released rules for security-based swaps trading platforms, more than a decade after Congress requested them. The SEC is on track to propose and finalize 63 new rules, with only 8 having a specific Congressional mandate.
