SEC Chair Gary Gensler discussed the Consolidated Audit Trail (CAT) and the recent Fifth Circuit decision vacating the SEC’s private funds rule. Gensler testified at a June 13 hearing of the Senate Appropriations Committee, Financial Services and General Government subcommittee. Last week the Fifth Circuit struck down SEC rules enhancing regulation of private fund advisers. Gensler said the rule was based on a new provision in the Dodd Frank Act from Dodd Frank. The SEC thought and believed that it was within the law, but the Fifth Circuit found otherwise. “And we respect that, you know. We do things within the law and help courts interpret it,” said Gensler. He added in response to a question from Kennedy that the SEC is reviewing the decision and thinking about next steps.

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