SEC Acting Chair Uyeda Delivers Remarks to Investment Management Industry

During a recent speech at an industry conference, Securities and Exchange Commission (SEC) Acting Chair Mark Uyeda delivered remarks on a variety of topics impacting the investment management industry. In his address, he noted that the Commission desires a return to a rulemaking process that engages stakeholders and allows for a longer period of time to comment on rule proposals. He noted that the Commission would get “back to basics” of rulemaking, including using high-quality economic analysis of a proposed rule’s impact and cost, as well as understanding how regulation impacts smaller funds from a cost and burden standpoint. He stated, “the Commission should act like a super-sized freighter, not a speed boat – and that means returning to a smoother regulatory course than the rapid changes that have been promulgated over the last four years.”

In addition, he noted several areas that he would like the staff to examine including:

• An extension of the effective date for the recent amendments to Form N-PORT;
• Trimming funds’ summary prospectuses from 12-15 pages to 3-4 pages; and
• A careful review of the applications filed for ETF share class relief.

He concluded his remarks by noting that he and his staff are open to meeting with industry stakeholders and welcome the dialogue.

Click here to read Acting Chair Mark Uyeda’s remarks.