Prominent Activist Firm Questions SEC's Motives for Swaps Rule

Also, SEC's private funds rule previews coming fights over protections for 'sophisticated' investors; McHenry and Wagner blast PCAOB for trying to turn auditors into 'law enforcement agents'

(Note to readers: We will be off next week, and our next newsletter will be published on Sept. 5. Have a happy Labor Day.)

Activist hedge funds have long been skeptical about the true objective of the SEC’s controversial swaps disclosure proposal. The commission says the effort is mainly about preventing market blowups like what happened with Archegos C…