Speech by Director of Division of Investment Management Signals Key Priorities

On December 2, Brian Daly, the new Director of the Division of Investment Management for the Securities and Exchange Commission (SEC), delivered an important speech on his priorities. The speech began by noting that he is dedicated to listening to the industry, stating that he is “deeply interested in what the industry has to say, how investors feel, and how the public perceives our proposals.” 

Four priorities for the Division were then identified: 

1. deregulation, particularly focused on exchange-traded funds (ETFs); 

2. modernization, with an emphasis on custody and record-keeping rules; 

3. democratization, through permitting greater access of retail investors to privately offered securities, including private funds; and 

4. artificial intelligence, identifying how artificial intelligence can streamline disclosures.