ICI President Weighs in on SEC Regulatory Agenda (Registered Funds Regulatory Update)
01.09.23
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(Article from Registered Funds Regulatory Update, January 2023)
For more information, please visit the Registered Funds Resource Center.
The Wall Street Journal recently published an op-ed authored by Eric Pan, President and CEO of the ICI, in which Pan asserted that the current SEC leadership is ignoring the real-world effects of its regulations on market participants and instead described the current rulemaking approach as “regulation by hypothesis.” Pan targeted his criticism on four fund-related rulemakings: money-market fund reform, new beneficial ownership reporting standards, cybersecurity risk-management and the names rule. He cited unpredictable costs, enormous burdens on asset managers and service providers, and elusive benefits for shareholders and markets. He recommended the SEC renew its focus on developing rules that address identified problems and are practical to implement.
The SEC’s Rules Are Getting Unreal, The Wall Street Journal (Oct. 31, 2022), available at:
https://www.wsj.com/articles/sec-securities-exchange-commission-investment-swing-reporting-requirements-cybersecurity-11667246912.