Private equity group warns ‘short-fuse’ notification requirement could overwhelm SEC with breach reports

The American Investment Council, representing private equity firms, says the 48-hour incident reporting requirement under the SEC’s proposed cyber rule for investment advisors is likely to overwhelm the commission with “precautionary notifications” from private fund advisors, and calls for extending the deadline and consolidating overlapping rules proposed since 2022 by the commission.

“We would like to reemphasize the urgent need for alternative solutions (including extending the reporting timeline and clarifying the notification trigger), especially in light of the challenges posed...