Key developments reflect continued deregulatory momentum and reduced reporting burdens, growing regulatory attention to crypto assets, tokenization and prediction markets, expanded retail access to private markets, and targeted SEC scrutiny of fees, financial reporting and compliance programs.
In brief
From July to September 2026, US regulators continued to reshape the regulatory landscape for asset managers through a series of proposals, final rules, and guidance, with a clear focus on reducing compliance burdens, modernizing market infrastructure and expanding access to capital and investment opportunities. At the same time, regulators continue to pursue enforcement actions, albeit in more targeted manner.
The US Securities and Exchange Commission (SEC) released its 2026 Regulatory Agenda and advanced several proposals, including expanded retail access to private markets a new framework for crypto asset offerings, the rescission of the political contribution (“pay-to-play”) rule and the shareholder proposal rule, the modernization of transfer agent rules, and a default electronic delivery framework for investor disclosure. The SEC also issued a temporary “Innovation Exemption” for digital asset markets to permit trading tokenized National Market System (NMS) stocks. The Commodity Futures Trading Commission (CFTC) proposed significant registration relief for certain commodity pool operators and commodity trading advisors, eliminated routine large trader reporting for physical commodity swaps, finalized updated clearing requirements for CAD and MXN interest rate swaps, and sought input on compute derivatives and updated its crypto asset FAQs.
Oversight and enforcement also remained active. The SEC created a new Financial Reporting and Accounting Unit within its Division of Enforcement, settled a case over unapplied advisory fee offsets and flagged common deficiencies in advisers’ annual compliance reviews. The CFTC invoked its emergency authority in a prediction markets dispute and issued guidance on prediction market incentive programs. Separately, Financial Crimes Enforcement Network (FinCEN) permanently eliminated beneficial ownership reporting for US companies and US persons, Hong Kong proposed expanded tax concessions for funds, family offices and carried interest, and Baker McKenzie’s Data Centers Unlocked report highlights data centers as a fast-growing asset class.
For asset managers, these developments create new opportunities in product design, fundraising and digital assets, while also calling for a review of compliance programs, disclosures, fee practices and reporting processes as these proposals move forward.
Download the full alert of United States: Asset Management Spotlight (July 2026 - September 2026).