It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange Commission (SEC) continued a rapid pace implementing its unprecedented regulatory agenda. One prevailing theme of this regulatory activity is operational resiliency, with many of the regulatory actions addressing market structure issues (e.g., transition to one business day after the trade date (T+1)) or imposing prescriptive requirements on asset manager operations (e.g., predictive data analytics). The year also continued the trend of SEC regulations requiring more frequent data production to the SEC for market surveillance purposes, such as the new requirements under Form PF (applicable to private funds) for filings to be made within days of an occurrence of certain events. The SEC was not the only regulator at work; the US Department of Labor entered the mix with proposed amendments to the definition of fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Please see full publication below for more information.
