The U.S. Securities and Exchange Commission (SEC) has announced a slew of new proposed rules and amendments for private funds and investment advisers, which—if enacted as proposed—will significantly increase the Commission's oversight and enforcement powers in the private markets (the Proposed Adviser Rules). By extending the Commission's public market protections to a wide array of private investment vehicles, the Proposed Adviser Rules ignore the sophistication and preferences of private market investors and override some of the unique benefits those investors enjoy. At bottom, the Proposed Adviser Rules offer a solution where there is no problem; as the Commission and courts have observed for decades, these private investors are more than capable of fending for themselves.