U.S. SEC delays vote on private investment reporting rule

The U.S. Securities and Exchange Commission (SEC) has delayed a vote on a proposed rule that would help safeguard the stability of the financial system by detecting risk in the $20 trillion private asset management sector. Last week, the SEC announced that it planned to vote on March 22 on whether to adopt a proposal issued last year to require large, private money managers to alert the agency to signs of stress or mounting risk in the assets they handle. However, officials removed the proposal from the agenda of the scheduled public meeting, stating that the text of the proposal was not quite ready for adoption.

The SEC spokesperson said: “It’s been a busy few weeks, and the Commission decided to take a little more time with the Form PF adoption release”. This decision was made due to the concern that financial risk could build up undetected with an increased in volume of assets under private management over the last decade.

The SEC is still due to consider another proposal on the electronic filing of certain forms and data and public disclosures by stock exchanges and broker-dealers.

Reporting by Douglas Gillison; editing by Jonathan Oatis

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