U.S. Securities and Exchange Commission Chair Gary Gensler on Thursday defended the agency’s decision to regulate private fund advisers despite a federal appellate court’s decision that the SEC exceeded its statutory authority.

“What we did in [the private fund adviser] rule, I think, was to help investors in private funds get quarterly statements on their fees, performance and any side deals with other investors,” Gensler told a Senate Appropriations subcommittee. “We thought and believed that it was within the law.”