The SEC has recently been giving indications that it is considering a requirement of more transparency from private companies. The SEC is aiming to hold large private companies to higher disclosure standards because there is a concern that there is not enough disclosure to investors. This seems like a fairly extreme policy shift when talking about non-retail investors. It will be interesting to hear the market's reaction to this, and particularly in the private funds space. These private companies are excluded from the public markets and are limited in the type of investor they can access, but if these changes are effected, they may be saddled with similar reporting obligations to large companies active in the public capital markets.