IM Director Birdthistle Delivers First Public Remarks

In his first public address as the SEC’s Director of the Division of Investment Management, William Birdthistle delivered remarks covering the investment management industry and regulation of financial markets. In his remarks, Birdthistle spoke in support of recent Investment Advisers Act rule proposals that if adopted would “close gaps in information and enhance investor protections in light of industry developments,” specifically noting the Commission’s cybersecurity rule proposal released on February 9. Birdthistle added that he will examine developments of crypto assets including Advisers Act compliance for those who provide advice regarding crypto assets including aspects of the custody rule. Birdthistle’s speech acknowledged that investment advisers are the “fulcrum in our economic machine; the critical pivot that connects individual investors to their financial destiny.”