This panel will shine a light on compliance costs associated with SEC rulemaking, covering key reforms including the custody rule, dealer definition and predictive analytics rule. Industry practitioners will address the operational and commercial impacts associated with the proposals and offer a perspective on whether the SEC’s own cost benefit analysis is meaningful or accurate. It will consider what firms can do to best position themselves in light of the changes.

The SEC’s Private Fund Adviser Rule represents a sweeping set of changes that will have a significant impact on private funds and private fund advisers, including those not required to be registered with the SEC. The rule’s numerous new and amended provisions rewrite the terms of business for private fund management, modifying disclosure and transparency requirements and prohibiting certain activities regardless of disclosure, in addition to numerous other prescriptive obligations. This session will explore the impact of the changes on the fund management industry and highlight key practical challenges for firms. 

This session will address the cumulative impact of the SEC’s work to overhaul reporting rules (including in respect of short positions, securities lending and securities-based swaps) as well as slated changes to market structure requirements including changes to the tick size regime and rules on clearing of Treasury contracts. It will consider what the changes mean for investment strategies and compliance programs of asset management firms.

The debate about how to craft rules addressing sustainability practices of asset managers has become increasingly polarised, with distinct policy ambitions underlying approaches in different regions of the world. This session will shine a light on key developments, regional differences and the associated compliance challenges for asset managers. It will also look at the wider landscape of ESG rules, including corporate disclosure requirements.

Financial stability and the topics of liquidity risk management and risks related to the use of leverage are high on the agenda of global and regional supervisory bodies, following COVID-19-related market events. This session will review the work undertaken by the Federal Reserve Board, the Financial Stability Board (FSB), the International Organization of Securities Commissions (IOSCO), the European Systemic Risk Board and other regional and local supervisory authorities and policymakers.