Meeting this morning, the Securities and Exchange Commission formally proposed rules that would require private fund managers to, among other disclosures: "provide their investors with quarterly statements detailing fund performance, fees and expenses, as well as manager compensation and undergo annual audits." While these disclosures and audits would not be filed publicly, or even with the SEC, they would comprise portions of the funds' books and records subject to audit by the SEC's Division of Examinations. These proposed rules are open for comment for sixty (60) days, at which point the SEC intends to publish the final rule.