Did SEC Really Soften Private Funds Rule? Industry Lawsuit Says No

Also, Republican senators warn Finra about ratcheting up fines to cover its expenses; Fed's Cook wants 'prudential' regulation for non-banks

Dating back to his days running the CFTC, Gary Gensler has garnered a reputation for proposing extra-tough regulations and then making concessions when they are finalized – a modus operandi that allows him to get the strongest requirements possible while showing that he does listen to industry concerns. The SEC chief appeared to be using that playbook t…