A Second Trump Administration: Implications for Asset Managers

Alert
November 6, 2024
15 minutes
Capital Insights

On Wednesday, November 6, 2024, major media outlets announced Donald J. Trump as the winner of the 2024 U.S. presidential election.  This alert discusses the potential impact of Mr. Trump’s election on the U.S. Securities and Exchange Commission (the “SEC”) and the regulation of asset managers more generally.

I. The SEC under President Trump
II. Other Policy Considerations Affecting Asset Managers

If you would like to learn more about the issues in this alert, please reach out to your usual Ropes & Gray attorney contacts.

  1. The SEC’s current Reg Flex Agenda is available here.
  2. The proposed safeguarding rule included a number of problematic provisions that were flagged by commenters during the public comment process. Please see Ropes & Gray’s comment letters here and here for more information.
  3. Previous Ropes & Gray alerts on various ETF share class-related applications available here, here, here, and here include additional observations related to proposed ETF share class relief.
  4. A Ropes & Gray alert discussing the New York Stock Exchange LLC’s application proposing amendments to exempt listed funds from holding an annual shareholder meeting is available here.
  5. A Ropes & Gray whitepaper that discusses the regulatory obstacles and opportunities relating to retail investments in private funds, including a discussion of this informal IM Division staff position, is available here.
  6. Outside of the digital asset context, the implications of the election of President Trump and a likely new Chair of the CFTC are less obvious than those changes that are likely at the SEC.
  7. H.R. 4763 (2023).
  8. See Clarity for Payment Stablecoins Act (H.R. 4766; S. 4155).
  9. SAB 121 was subject to a Congressional Review Act repeal resolution passed by both houses of the U.S. Congress that was ultimately vetoed by President Biden.
  10. Statement of the Hon. Hester M. Peirce and the Hon. Mark T. Uyeda, “A Catalyst: Statement on Qatalyst Partners LP” (Sept. 24, 2024).