The Managed Funds Association warned that the SEC's proposed cybersecurity rules may cause the "unintended consequence of diverting advisers' resources during a critical window following discovery of an attack."
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SIFMA, the Bank Policy Institute, the Institute of International Bankers and the American Bankers Association urged the SEC to revise its proposals on cybersecurity related regulations, emphasizing the need for clear guidance across government agencies and collaboration with the securities industry.
The SEC Division of Examinations reminded regulated firms to apply the same standards of care to safeguard customer records at branch offices as with main offices.
Comments are due by May 22, 2023 on an SEC proposal that would implement cybersecurity risk management and reporting requirements.
SEC Director of the Division of Investment Management William Birdthistle described three trends in the asset management industry that require the SEC's "far-reaching vigilance and prompt concentration."