SEC IM Director Dalia Blass Reflects on Division’s Work

Legal & Regulatory Update

SEC IM Director Dalia Blass Reflects on Division’s Work

November 17, 2020


In a recent speech, the SEC’s Division of Investment Management Director Dalia Blass reflected on the Division’s hard work and accomplishments throughout the year. She praised her staff’s hard work throughout the COVID-19 crisis, including its response to the pandemic’s market disruptions and engagement with market participants on a number of important issues. She also discussed the Division’s ongoing work in this area, including whether some of the COVID-related relief should be extended, and its engagement “involving ETFs with market price deviations from net asset value and [money market funds] approaching regulatory limits on liquidity.”

Blass also discussed the Division’s work on modernizing regulations, fostering healthy innovation in the asset management industry, and improving the investor experience. Regarding modernization, Blass discussed several rulemakings, including the fund of funds and derivatives rulemakings, and the supplemental proxy voting guidance for investment advisers. The IAA commented on both of these rule proposals as well as on the SEC’s consideration of proxy voting issues. Regarding innovation, Blass discussed the Division’s work with the SEC’s Strategic Hub for Innovation and Financial Technology, known as FinHub, and the recent statement that the Division issued, in consultation with FinHub, regarding the application of the Advisers Act Custody Rule to digital assets. Turning to the Division’s investor experience initiative, Blass highlighted the adoption of a streamlined disclosure framework for variable annuity and variable life insurance contracts and encouraged constructive dialogue with the staff on this framework.

Blass concluded by discussing reforms in Division operations that have facilitated efficient oversight and monitoring.


TAGS: COVID-19, Coronavirus, Dalia Blass, SEC Investment Management

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