In remarks at the 2025 Conference on Emerging Trends in Asset Management, Natasha Vij Greiner, Director of the U.S. Securities and Exchange Commission’s Division of Investment Management, set out how staff is approaching innovation in registered funds and advisers, focusing on maintaining Investment Company Act and Investment Advisers Act protections while engaging with market participants on emerging products and structures. Greiner highlighted the scale of the modern market overseen by the SEC, citing more than USD 39 trillion in assets held by registered funds and approximately USD 145.8 trillion in regulatory assets under management for registered investment advisers. Using exchange traded funds (ETFs) as a case study, she pointed to the shift from ETF-by-ETF exemptive relief to the 2019 ETF rule and said attention is now turning to products outside the rule’s ambit, including exemptive requests for non-transparent active ETFs and other innovations such as funds offering both mutual fund and ETF share classes. On crypto-linked products, she cited Form N-PORT analysis showing ETF net assets holding cash and derivative crypto assets rising from USD 2.1 billion in December 2022 to USD 12.7 billion in December 2024, and noted a rise in novel and complex filings, with staff working alongside the SEC’s Crypto Task Force established earlier in 2025. On private markets, she pointed to registered investment companies reporting USD 96 billion in holdings of private funds, up USD 59 billion since December 2019, and described work with registrants and disclosure reviewers on potential retail-oriented private fund-of-fund offerings, including consideration of when such exposure could be offered to investors who are not accredited investors or qualified purchasers. She indicated staff expects continued innovation and filings in these areas and encouraged issuers to engage with Division of Investment Management reviewers, noting that disclosures for retail-facing products investing in complex assets will be a key focus.
U.S. Securities & Exchange Commission 2025-06-05
U.S. Securities and Exchange Commission investment management director outlines approach to crypto fund exposure, non-transparent ETFs and retail private market access
At the 2025 Conference on Emerging Trends in Asset Management, Natasha Vij Greiner, Director of the SEC’s Division of Investment Management, emphasized innovation in registered funds and advisers while maintaining protections under the Investment Company and Advisers Acts. She noted the SEC's oversight of USD 39 trillion in registered funds and USD 145.8 trillion in regulatory assets, highlighting shifts in ETF regulation, crypto-linked products, and private fund growth.