SEC Chair Advocates for Reduced Data Requirements for Private Fund Advisors

According to Odaily, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has expressed a desire for the agency to consider reducing the scope of data that private fund advisors must provide to regulators in upcoming regulatory policies. The deadline for complying with the new data reporting requirements has been postponed from June 12 to October 1. This potential reduction in data collection could be seen as a significant win for hedge funds and private equity firms. Atkins has raised concerns about whether the Trump administration's use of data aligns with the substantial burden it imposes. He has requested a comprehensive review of the increased data collection requirements implemented during the tenure of former SEC Chair Gary Gensler. Private fund advisors have highlighted challenges, including technological ones, as they approach this week's deadline. During a commission meeting on June 11, SEC staff noted that many funds originally had over two months before they were required to begin submitting the new data.