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Over the last months, we have continued to engage and meet with the US SEC on a range of proposed rules – raising specific concerns about the unintended consequences of the Safeguarding Advisory Client Assets Rule and the Predictive Analytics Rule.

Our initial assessment of the SEC's Private Fund Adviser Rule[1] is that while there is less prohibition and more disclosure, it remains overly prescriptive. While some controversial aspects in the original proposal have been modified, the rule will bring significant changes to the regulation of Private Fund Advisers that may still fail to address the root of governance failures.

SBAI Trustees share their views on the SBAI's interaction with regulators

In August 2022, the UK Financial Conduct Authority (FCA) issued its Dear CEO letter setting out its Alternatives Supervisory Strategy. This letter touched on several issues that are at the core of our mission here at the SBAI, including risk management, culture and responsible investment. In this article, we discuss some of the points raised by the FCA and where we can be helpful to firms reviewing their processes and controls following on from this letter.