The U.S. Securities and Exchange Commission last week announced that it would hold a 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, an SEC spokesperson said on Tuesday that officials had decided the text of the proposal wasn’t quite ready for adoption and so had removed it from the scheduled public meeting’s agenda.
“It’s been a busy few weeks, and the Commission decided to take a little more time with the Form PF adoption release,” the spokesperson said.
The volume of assets under private management has more than doubled in the decade since the SEC began collecting such data, prompting fears that financial risk could build up undetected. The financial system shuddered last week with the near-collapse of the Swiss lender Credit Suisse, a bank that in 2021 lost billions that had been held by the now-defunct family office Archegos Capital Management.
The SEC on Wednesday is still due to consider another proposal concerning the electronic filing of certain forms and data and public disclosures by stock exchanges and broker-dealers.
Source: Economy - investing.com
