Washington Report 360 | February 11, 2022

Regulatory Priorities; Private Funds; Cybersecurity; Cryptocurrencies.

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • Regulatory Priorities. FINRA released its 2022 Report on Exam and Risk Monitoring Program, outlining a range of topics covering firm operations, market integrity, and financial management. The FDIC outlined priorities for 2022, including interagency revisions to the Community Reinvestment Act, climate change, the bank merger process, digital asset risks, and the Basel III capital rule.
  • Private Funds. The SEC proposed new rules that would require private fund advisers to increase reporting and disclosures to investors, including fees, expenses, and performance for the funds they advise.
  • Cybersecurity. The SEC proposed to require registered investment advisers and funds to adopt and implement cybersecurity risk management policies and procedures, and report and disclosure certain cybersecurity incidents.
  • Cryptocurrencies. The CFTC recommended Congress consider granting CFTC authority beyond its current enforcement authorities in order to regulate certain [limited] commodity spot markets for digital assets. The Treasury testified that exponential growth in stablecoins has created an urgent need for an “appropriate regulatory framework.”

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