SEC and Hedge Funds Face Off in Court, With Both Sides Fielding Tough Questions

Also, banking trades sue regulators over revamp of CRA rule; SEC's top accountant issues warning over audit deficiencies; Mike Gill in memoriam

A federal appellate court panel, hearing arguments in an industry challenge to the SEC’s private funds disclosure rule, seemed skeptical at times about the commission’s authority and rationale for the new policy. But at least one of the judges also indicated that it might be a steep ask for them to throw out the entire regulation.

Reading the tea leaves …