Here's your summary from Appeals Court Strikes Down SEC Hedge Fund Fee Rule (https://www.youtube.com/watch?v=A60kAKvP1GY) on the Bloomberg Television channel:

**TLDR:** The US fifth Circuit Court of Appeals struck down an SEC rule requiring more transparency from hedge funds and private equity firms, siding with industry groups.

1. The SEC's rule requiring more disclosure of fees from hedge funds and private equity firms was deemed unnecessary for sophisticated investors by the US fifth Circuit Court of Appeals.

2. Industry groups, such as the Managed Funds Association, have been successful in fighting against SEC rules aimed at increasing transparency in the private fund industry.

3. While the SEC has made strides in increasing oversight in the industry, they have not won every battle, with some rules being blocked or watered down by industry opposition.

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