Release Date: October 13, 2016
Contact: Katrina Cavalli, 212.313.1181, [email protected]  

SIFMA AMG Statement on Today’s SEC Rulemakings

Washington, D.C., October 13, 2016 – SIFMA’s Asset Management Group (AMG) issued the following statement on today’s rulemakings by the Securities and Exchange Commission (SEC) from Timothy Cameron, managing director and head of SIFMA AMG:  

“Today the SEC adopted comprehensive new rules on fund reporting and liquidity risk management.  SIFMA AMG supports the SEC taking the initiative to enhance its ability to monitor and regulate asset management activities, and therefore we have supported each of the rulemaking efforts addressed at today’s open meeting.  While we are still in the process of reviewing the final rules, it is clear that the Commission maintained its commitment to the goals of the proposal, including strengthening the SEC’s regulatory effectiveness and protecting investors, while showing thoughtful consideration of comments by SIFMA AMG and others.  The rule was strengthened by changes to the proposed classification system, which reduce unnecessary complexity, as well as changes to the proposed three day liquid asset minimum.  We look forward to reviewing the final rules and adoptive guidance and working with the SEC as the industry works toward implementation.”

SIFMA AMG members represent U.S. asset management firms whose combined assets under management exceed $30 trillion.  The clients of AMG member firms include, among others, registered investment companies, endowments, state and local government pension funds, private sector Employee Retirement Income Security Act of 1974 (“ERISA”) pension funds, and private funds such as hedge funds and private equity funds.