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August 03, 2020

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SEC Announces the Formation of Asset Management Advisory Committee

As a further indication of the SEC’s focus on the asset management industry, on November 1, 2019 the Commission formally established an Asset Management Advisory Committee. This follows the SEC’s recent announcement of its intent to establish the committee. According to the published notice, the committee’s objectives and scope of its activities are to provide the Commission with diverse perspectives on asset management – including (i) trends and developments affecting investors and market participants, (ii) the effects of globalization, including as it relates to operations, risks and regulation, and (iii) changes in the role of technology and service providers – as well as related advice and recommendations.

The committee has an initial two-year term, which can be renewed by the Commission, and will meet at such intervals as are necessary to carry out its functions. A maximum of 21 voting members will be appointed to the committee – a press release issued by the SEC identified the initial members of the committee. The announcement also referenced a committee charter which, though not made publicly available as of this date, contemplates that the full committee will meet four times annually.

As the Commission will use the committee to ensure regulations meet the needs of investors and market participants, investors and market participants should look to the committee’s advice and recommendations as guidance with respect to trends in the asset management space.

© 2020 Proskauer Rose LLP. National Law Review, Volume IX, Number 310


About this Author

Anthony M. Drenzek, Special regulatory Counsel, Proskauer Rose, Attorney, Finance Policy Lawyer
Special Regulatory Counsel

Tony is special regulatory counsel in the Corporate Department and a member of the Private Funds Group and the Private Equity & Hedge Fund Litigation team. His practice focuses on advising U.S. and offshore private fund managers on all aspects of federal, state and SRO organizational and operational compliance, with a specific emphasis on the Investment Advisers Act of 1940.

Tony assists U.S. and offshore private fund clients in registering with the SEC as investment advisers, or reporting as exempt reporting advisers, and complying with...

Hena Vora Litigation Attorney

Hena Vora earned her J.D. from Emory University School of Law, where she received the Pro Bono Publico honor and a Transactional Law Certificate. In addition, she was a national competitor on the Moot Court Society and served as president of Emory’s South Asian Law Students Association. While at Emory, she served as judicial intern for Judge Denny Chin at the U.S. Court of Appeals for the Second Circuit, legal extern for General Electric and securities research assistant to Professor George Georgiev.

Prior to law school, Hena worked as a paralegal at Cravath, Swaine & Moore, LLP, focusing on residential mortgage-backed securities litigation. She also interned for the Suffolk County District Attorney’s Office in Massachusetts.

Michael R. Hackett, Litigation Attorney, Proskauer Law Firm

Michael R. Hackett is an associate in the Litigation Department and a member of the Asset Management Litigation practice. His practice focuses on disputes and regulation involving private funds, including private equity, venture capital, hedge, real estate and private credit funds, as well as other limited partnerships, where he regularly advises funds, fund sponsors, investment advisers and institutional and individual investors.

Mike’s experience representing private fund clients runs the gamut, from control contests within advisers, to...