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In the wake of the reversal of the SEC’s Private Fund Adviser Rules, the weight of transparency and fairness in alternative funds now lies on managers and investors.

The SBAI supports the latest efforts by the regulators to understand and address any potential risks emanating from non-bank financial institutions (NBFI) and welcomes findings which indicate resilience in the financial system despite prior concerns.

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 rules will bring significant changes to the regulation of Private Fund Advisers that may still fail to address the root of governance failures.

The SBAI welcomes the UK HM Treasury response to the Short Selling Regulation Review, to which we responded earlier this year.

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