Multiple trade associations urged the SEC to withdraw its proposal requiring broker-dealers and investment advisers to eliminate or neutralize conflicts of interest associated with the use of predicative data analytic technologies.
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Twenty-six trade associations banded together to urge the SEC not to adopt a proposed amendment to the "custody rule" because it would make "fundamental changes" to an already "well-established and demonstrably effective custody framework without a clear policy rationale."
Several industry trade associations filed a Petition for Review in the U.S. Court of Appeals for the Fifth Circuit seeking to "hold unlawful, vacate, and set aside" the SEC's final rules on private funds advisers. The associations argued that the SEC has "not shown any need for the intrusive rules it has adopted."
In a public statement, Managed Funds Association President and CEO Bryan Corbett argued that the SEC’s proposal on private fund adviser requirements would be harmful to both investors and the market.
A host of trade associations, including SIFMA and the Managed Funds Association, asked the SEC to extend the comment deadline for a proposed rulemaking on the use of predicative data analytics technologies.