The wave of new rules by the SEC over asset management firms in the last six months “represent extremely far-reaching regulatory changes” in 2015, especially for mutual funds, stated investment management counsel David Tittsworth (Washington, D.C.). in the Dec.21 edition of ACA Insight. Reflecting on regulatory developments over the past year, Mr. Tittsworth highlighted that this increase in rule-making has been “driven by the SEC’s desire to push back on the Financial Stability Oversight Council’s potential play to designate asset management firms as systemically important.” The article continues on to outline that prudential regulators—bodies regulating banks and other similar institutions—have been encroaching on the asset management industry. Such actions, the SEC has stated, are unnecessary and could even be detrimental.
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