The Securities and Exchange Commission (SEC) voted on Wednesday to adopt new disclosure rules for hedge fund and private equity fund advisers, Reuters reported. The move is aimed at increasing transparency, competition and efficiency in the $25 trillion marketplace.

Through an amended Form PF, which was first adopted after the financial crisis of 2008-09, large hedge fund advisers have to inform financial regulators about certain events that may indicate significant stress or otherwise signal the potential for systemic risk and investor harm, such as significant margin calls or counterparty defaults, within 72 hours of the event, according to Reuters.

The final rule also “adds to the information that advisers to large private equity firms provide on their annual report," SEC Chair Gary Gensler said in a statement. “The rule will require that advisers to these large private equity firms include information relating to these firms’ strategies, use of leverage, and clawbacks of a general partner’s performance compensation or a limited partner’s distributions.”

Gensler criticized hedge funds and private equity firms for the fees they charge investors in a speech to a Managed Funds Association trade group conference, CPA Practice Advisor reported.

“Today, private fund advisers receive multiple levels and types of fees—from management to performance to portfolio company fees,” he said. “That’s not to mention consulting, advisory, monitoring, servicing, transaction, and director’s fees, among others.”

In his statement on Form PF, Gensler added that “last year, we jointly proposed with the [Commodity Futures Trading Commission] updates to the quarterly periodic reporting for advisers to large hedge funds and annual periodic reporting for all private fund advisers. Working with the CFTC, we continue to evaluate public comment on that joint proposal.”