Weakened Private Funds Rule Is a Win for Wall Street. But Firms Aren't Declaring Victory

Also, SEC reopens comment period for custody rule

The SEC’s pullback on its private funds rule is undoubtedly a win for hedge funds, private equity and venture capital. Still, few in the industry are taking a victory lap – or even backing away from their lawsuit threats. 

That’s partly because the new regulation, even as it leaned into disclosure requirements rather than outright banning standard practi…