Dalia Blass, S&C’s Senior Investment Management Partner and the former Director of the SEC’s Division of Investment Management, testified before the U.S. House of Representatives Financial Services Committee’s Subcommittee on Capital Markets at the hearing “Examining the SEC’s Agenda: Unintended Consequences for U.S. Capital Markets and Investors” on November 2. Dalia expressed concerns about the pace and scope of the regulatory agenda, highlighting the need for a cautious approach to ensure Main Street investors are not adversely affected by heightened regulation of emerging technologies.
Dalia stressed that the rules would have a significant impact—both individually and in the aggregate—on investors, but fail to reasonably estimate the effects of the proposed rule changes on investors, market participants, market function or capital formation. She cited the SEC’s private funds rule as one example. “The SEC’s private funds rule would treat private funds like regulated funds—ignoring the statutory limitations on regulating these structures that Congress statutorily mandated—and impact their ability to continue supporting growth and innovation in our economy.”
Dalia’s comments on the potential for these rules to adversely impact the market were also quoted by Ignites, National Law Journal and Law360.
Dalia’s practice focuses on providing strategic and regulatory advice to asset managers, registered and private funds, fund boards and their service providers across the range of regulatory, governance, compliance, examination and enforcement matters they face. Dalia joined S&C in 2023 from BlackRock, where she was Senior Managing Director, Global Head of External Affairs and a member of BlackRock’s Global Executive Committee.
Read “Dalia Blass: SEC Rules Should Factor In How They Connect.”
Read Dalia’s written testimony.
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