Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. SEC Chair Gary Gensler said the rules will increase transparency and competition in the private funds industry, which oversees around $20 trillion in assets and has been accused by advocacy groups of opacity and conflicts of interest. The changes require private funds to issue quarterly fee and performance reports and to perform annual audits. Bryan Corbett, chief executive officer of the Managed Funds Association (MFA), said the rules will increase costs for investors and curb competition, he added. The other petitioners are the National Venture Capital Association, American Investment Council, Alternative Investment Management Association, National Association of Private Fund Managers and the Loan Syndications & Trading Association.

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Persons: Andrew Kelly, Gary Gensler, Bryan Corbett, Carolina Mandl, Jonathan Oatis, Peter Graff, Cynthia Osterman Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Friday, Funds, U.S, Circuit, Appeals, National Venture Capital Association, American Investment Council, Alternative Investment Management Association, National Association of Private Fund, Trading Association, Gensler's SEC, Thomson Locations: Washington ,, New York