NCLA UPDATE: NCLA Encourages Fifth Circuit to Rein in Renegade SEC’s Unlawful Private Fund Regulation Effort. “The Securities and Exchange Commission (SEC) recently promulgated a rule that restricts—and in some cases prohibits—certain common contractual agreements between private investment funds and their investment advisers. The New Civil Liberties Alliance has filed an amici curiae brief in National Association of Private Fund Managers v. SEC, asking the U.S. Court of Appeals for the Fifth Circuit to set aside this unlawful rule, which exceeds SEC’s statutory authority and ignores Congress’ design. Securities law scholars Paul Mahoney, Adam Pritchard, and J.W. Verret joined NCLA’s brief in the case, which draws from comments some of them filed during SEC’s rulemaking process.”