2026年资产管理监管发展报告重塑监管规则

ForewordProtectinginvestorsAbouttheauthorsFirmandsystemresilienceExecutivesummarySustainabilityKeyregulatorymilestonesaroundtheworldHowKPMGcanhelpDriversofassetmanagementregulationReportscopeandmethodologyPublicandprivatemarketsAcknowledgmentsDigitalinnovation2|Evolvingassetmanagementregulation2026reportAbouttheauthors3|Evolvingassetmanagementregulation2026reportWelcometothe16theditionofKPMG’sflagshipEvolvingAssetManagementRegulationreport,featuringinsightsonalmost250regulatorydevelopmentsacrossover20jurisdictionsandglobalstandard-settingbodies.that,afteryearsofregulatorcapturedinthisreportdemonframeworkstorefiningexistingrules,wionsupportinggrowth,competitiveness,andeffectivesignificantlyacrossjurisdictionstogetherperspectivesfromsstrategicimplicationAlthoughmomentumaroundsometopics,includingindustry’smostsignificantregulatoryfocalpoints.AttheWhatmaydistinguishsuccessfulfirmenvironment?Inmyview,Abouttheauthors4|Evolvingassetmanagementregulation2026reportBasedinLondon,hescansthehorizonanimpactingtheassetmanagementsector.Healsoworksonavarietyofadvisoryprojectswherehehelpsassetmanagersimplementregulatorychangeandimprovetheirpractices.5|Evolvingassetmanagementregulation2026reportAbouttheauthorsGrowthandcompetitivenessremainthedrivingforcebehindthisrecalibration,yetregulatorsareappitinmarkedlydifferentways,creatingfurtherdivergenceandfragmentationforfirmsoperatingacrossborders.Meanwhile,resilience,privatemarketsandresponsibleAIadoptionareemergingaskeyregulatorypriorities,asthefocusonsustainabilityeasesinsomejurisdictions.11implementedandwhethertheir44Protectinginvestorsremainsatthoftheregulatoryagenda,evenassregulatorsstreamlinetheirrulesinotherareas.Conductframeworksarebecomingmoreprinciples-based,disclosurerulesarebeingrclarityandflexibility,andconflictsofinterestareregainingregulatoryprominence.Scams,finfluencersandcoordinatedregulatoryaction,whilegovernanceandaccountabilityexpectationsarebeingclarified.2255Resiliencenowfeaturesinpracticallyeveryboard-levelconversation,andmanyassetmanagersincreasinglyseeitasasourceofstrategicadvantageratherthanacomplianceburden.OperationalresilienceexpectationsareexpandingtocoverAI-drivencyberrisks,assetmanagersarebeingbroughtintosystem-widestresstesting,andfinancialcrimereforms,particularlyintheEU,continuetogatherpace.33somejurisdictionsholdfirmonframeworksarematuringfrompilotto66Thefocusonsustainabilityisshiftingfromexpansiontorecalibration,withestablishedregimesintheEUandUKbeingsimplifiedwhileotherstightendisclosureandanti-greenwashingrules.Earlyadoptersofcorporatereportingrequirementsarenowsimplifyingtheirrequirementsinsomejurisdictions,whileotherscontinuetorolloutnewrules.AndregulatoryoversightisextendingtoESGratings.6|Evolvingassetmanagementregulation2026reportAbouttheauthors$$takeawaystakeawayswithdivergingregulationbuildingoutcomplianttokenizationanddigitalassetSustainabilitySustainabilityreportingrequirements.! offrontierAI.Prepareforfurthersystem-widestresstesting!7|Evolvingassetmanagementregulation2026reportAbouttheauthorsconsultationontheEU:AMLAEU:AMLAdirectsupervisionofcertainfirmscommencesamendmentsexpected2028/2029Canada:Implementationofatokenizationframeworkorregulatorypotentiallyfinalized,withaAIFMDregimeconfirmedSeptemberrequirementsoncomplianceprogrammessystem-wideexploratoryinterimfindingsduerequirementstobetransposedregisterforbeneficialownersrequirementsprogressedfurtherAwidevarietyofacronymsareusedinthisreport.For8|Evolvingassetmanagementregulation2026reportAbouttheauthorsframeworksframeworks9|Evolvingassetmanagementregulation2026reportAboutthemanagementregulation10|EvolvingassetmanagementregulatioAbouttheauthorsmanagementregulationRegulatoryeffortscontinuetosupporteconomicgrowthandcompetitivenesswhilealsotryingtoattractoverseasmanagersandtheirfunds.Asassetsundermanagement(AUM)stallinsomejurisdictionsandcompetitionintensifies,authoritiesandregulatorsaregoingintobatfortheirindustries,withthegoalofattractingnewfunds,investablecapitalandgrowingdomesticassetmanagementcapacity.financialservicesgrowthoftheprivateframeworkforventurecapcompetitivenessoflocalfundregidrivegrowthinitsfundMarketintegrationandsupervisionpackage,EuropeanCommission,4December2025Commissionseeksstakeholderfeedbackonprivateequityexits,EuropeanCommission,2March2026Commissionseeksinputforventureandgrowthcapitalfundsreform,EuropeanCommission,15January2026Australia’spublicandprivatemarkets,ASIC,18June2026YearOn:DeliveringtheFSGrowthandCoSFCproposestoenhanceHongKong’sretailfundcodetobolsterglobalcompetitiveness,SFC,22October2025InstructionsofSimplifiedInvestmentFunds,CMA,2March2026InstructionsontheFinancingInvestmentFunds,CMA,11February2026中国证监会印发《合格境外投资者制度优化工作方案》,CSRCChangestoControlofBorrowingOrdertostreamlineregulation,JFSC,10March2026UpdatedJerseyPrivateFundguidegoeslive,JFSC,6August2025TheCommissionannouncesstreamlinedprivatefundregime,GFSC,19May8AmendmentswillbeintroducedovertwoyearstoOneofthemostwide-reachingoftheseinitiativesistheEU’sMarketIntegrationandSupervisionpackage(MISP)whichaimstopromotetheEUasagloballyAbouttheauthorsmanagementregulation11|Evolvingassetmanagementremanagementregulatoryframeworkssimplifyingaspectsoftheregulatoryregime.Whilesomethemworkbetterinpractice.Tburdensomewithlimitedupsides.andeffectiveregulatorycomplexityandimproveclaritywithoutloweringAustralianeffortstosimplifylocalrequirementsarealsounderwaywithASICdevelopingclearerguidanceandsimplifiedlegislativeinstruments,improvedaccesstoregulatoryinformationandmodernizeddigitalservices.15AndSpain’sComisiónNacionaldelMercadodeValores(CNMV)hasplanstoreviewitssupervisorypracticesandguidancetoeliminateunnecessaryrequirementsandprocedures.16Meanwhile,theUKisreformiimplementationoftheAIFMDwouldallowcertainAIFstoestablishmultiplecompartmentsforthefirsttime,importantlywithoutneedingtooptintoaregulatbetweencompartments.registertheirinvestmentcertificateswithacentralofinvestmentcertificatesandreGoingagainstthegrain,somejurisdictionsareincreasingrequirementswithintheirassetmanagementregulatoryframeworks.frameworksintroducedseverCentralBankofIrelandpublishesroadmaptodeliveramoreeffectiveandefficientregulatoryframework,CentralBankofIreland,10December2025SECPublishesDraftStrategicPlanfASICcontinuestoeaseregulatoryburden,ASIC,19Activityplan2026,CNMV,26February2026Projetdeloiportantmodificationdelaloimodifiéedu12juillet2013relativeauxgestionnairesdefondsd’investissementalternatifs,LegouvernementduGrand-DuchédeLuxembourg,30July2026Directive(EU)2024/927oftheEuropeanParliamentandoftheCouncil,EU12|EvolvingassetmanagementregulatioOneofthemostimpactfulchangescreditfunds,thefirsttimetheAIFMDhastrictlyliteraltranspositionoftheserequirements.Italy,requirementsforfundsthatoriginaGivenenhancedrequirsubjecttomoreproportionaterequirements.framework.24Andfollowingsignificantmodernizationofbepermittedforthefirsttime.25Authoritypreparestotakeoncertainassetmanagementactivities,includingrfundsandcollectiveinvInthewakeoftheIranconflict,supervisorsandregulatorssteppedupmonitoringasvolatilityincreased.TheFinancialStabilityBoard(FSB)identifiedaneedforheightenedmonitoringofgovernmentbondmarkets,globalassetpricesandprivatecreditandwarnedaboutpotentialvulnerabilitiesassociatedwithstretchedassetvaluations,leverageandliquiditymismatch.27Italsodescribedfinancialmarketsas“overlyoptimistic”giventheuncertaineconomicandgeopoliticalsituation.28Whilecentralbanksarenowmorecomfortableontopicssuchasfundliquiditymanagementfollowingpost-pandemicpolicymaking,thenextpotentialhotspotsarebecomingclearer,withoneclearexamplebeingprivateassetsandprivatecreditinparticular(readmoreinchapters2and5).AI-relatedpriorityfortheFSB,leadingtothepublicationofareportonhowfinancialauthoritiescanmonitorAIadoptionandassessrelatedvulnerabilities.29DecretoLegislativo13marzo2DocumentodiconsultazionecontenenteledisposizionidellaBancad’Italiaperl’attuazionedelladirettiva(UE)2024/927edialcunenovitàintrodottedald.lgs.27marzo2026,n.47,diattuazionedCanadiansecuritiesregulatorslaunchcoAgendaRegulatóriaCVM(SDM)2026,CVM,15December2025PrudentialAuthority:RegulatoryStrategy:2025–2030,SouthAfricanReserveBank,2025FSBChairwarnsofrisingfinancialrisksstemmingfromMiddleEastconflict,FSB,13April2026Buildingresilienceinanuncertainworld,FSB,28May2026Monitoringadoptionofartificialintelligenceandrelatedvulnerabilitiesinthefinancialsector,FSB,10October202513|EvolvingassetmanagementregulatioAs2026progressed,theFSBre-evaluateditsprioritiesandworkprogram.30InJuneitsetouttwonotablenewpotentialvulnerabilitiesthatrequirefurtherattention,includingconcernsabouttheemergenceofpowerfulfrontierAImodels(readmoreinchapter5).31FSBPlenaryhighlightspotentialnewvulnerabilitiestofinancialstability,FSB,1June2026ESMAidentifiesareasforfurthersupervisoryconvergenceoncomplianceandinternalauditinthefundssector,ESMA,11May2026ESMAlaunchesCommonSupervisoryActionwithNCAsontheriskmanagementfunction,ESMA,3July2026IOSCOpublishes2026Workplan,IOSReportontheretailinvestorjourney:understandingretailparticipationincapitalmarkets,ESMA,12March2026Irishhouseholdsarenotrealisingthefullbenefitofinvestmentoptions,CentralBankofIreland,1December2025DP25/3:Expandingconsumeraccesstoinvestments,FCA,8December2025PS25/22:Supportingconsumers’pensionsandinvestmentdecisions:rulesfortargetedsupport,FCA,11December2025Targetedsupport:firmconsiderationswhendesigningconsumersegments,FCA,23March2026theworld,someofwhiccomponent,withfacilitatiManyjurisdictionsareseekingtitplanstocarryoutacoordinatedreviewontheireffectiveness,independenceandexpertise,concludingin2027.14|EvolvingassetmanagementregulatiAbouttheauthorsmanagementregulationGrowingthebusiness:Inlightenhancementstoregulatoryregimesandsignificantsimplificationefforts,strategicallyreviewthejurisdictionswhereyouaremanagingfundsandassetsandassesswhetherthecurrentset-upbestpromotesgrowingassetsundermanagement.Embeddingregulationandoperatingmodels:Asregulatorsembarkonstreamliningandsimplification,nowisanidealtimeforassetmanagerstoreviewhowtheycanreduceoperationalcomplexityinthebusinessandalignwithnewrequirementsinthemostefficientwaypossible.Loweringstandards:Someassetmanagersmaymistakethedriveforsimplificationwithloweringstandards.Althoughaspectsoftherulesarebeingstreamlined,wedonotseeregulatorsloweringtheirexpectations.Abouttheauthors15|EvolvingassetmanagementregulationMeanwhile,reformstopublicmarketsareongoing.InstheEuropeantransitiontoT+1settlementnowloomsevercloser,withfirmssteppinguptheirAbouttheauthors16|EvolvingassetmanagementregulationPrivatemarketshavegrownrapidSomefirmswithoutaprivatemarketscapabilityarelookingtobuildoracquireoneinshortorder,whilethosewithanexistingfootprintarelookingtoacceleratetheirgrowth.Butthishasinevitablyattractedincreasingregulatoryscrutiny.promptedregulatorstoassesstheextenIOSCOandtheFSBhavesettheglobalagenIOSCO’slatestworkprogramnoteditwouldfocusonsupportingtheFSB’sdeepdiveonprivatecredit.40Shortlyafter,theFSBpublisheditsreportonrelatedvulnerabilities.41Whileitacknowledgedsomeofthebenefitsofprivatecredit,itfocusedonpotential2026Workprogram,IOSCO,9FebReportonvulnerabilitiesinprivatecredit,FSB,6May202026Workprogram,IOSCO,9FebReportonvulnerabilitiesinprivatecredit,FSB,6May20ASICputsprivatecreditonnotice,aheadof30Junevaluationsandreporting,ASIC,18June2026Recommendationsonvaluingcollectiveinvestmentschemes,IOSCO,1June2026frameworks,targetedsupervisoryreviewsandnosystem-widestressteststhataimtoinformfuturework.developmentsinselectedjurisdictiocreditfunds. Mappinganddefiningthecomponentsoftheecosystem.authorities’abilitytomonitorand17|EvolvingassetmanagementregulatAbouttheauthorsRegulatorValuation2025multi-firmreview44interestmitigation45managementreport45RetailizationandconductApplicationofA2026reviewmarketsfirmsrisks46RegulatoryreportingAIFMDreportingsomerespects47MacroprudentialoversightSystem-WideESMA/ECBCommonNewregimeforAIFMDII50AIFMDreportingSEC/Federalenforcementreport55PrivatemarketvaluationAssetmanagementandalternativefirms’financialcrimecontrols:ourfindings,FCA,22July2026CP26/26:FundReportingforAssetManagementEntities(FRAME),TheBankofEngland’sprivatemarketssystem–wideexploratoryscenarioexercise,BankofEngland,DecemberESMAreportpointsoutimprovementsneededinsupervisionofassetvaluation,ESMA,24May2023ESMApublishesimplementingrulesonloan–originatingAIFs,ESMA,21October2025StressinglobalprivatecreditmarketsanditsimplicationsforeuroareafinancialstabilityFiscalyear2026examinationpriorities,SEC,17Openingremarksatprivatemarketsroundtable,SEC,4March2026CFTCjointlyproposeamendmentstoreduceprivatefundreportingburdens,SEC,20April2026Financialstabilityreport,FederalReserve,Abouttheauthors18|Evolvingassetmanagementregulationwillrationalizethescopeofitsrequirements‘overlyburdensome’.beenfullydigestedandistandardizeinformationdisclosurerequirementswigoalofbetterprotecwouldmakeitmoreeffectofboostingSwiss-domiciltargetingdomesticinvestors.toimprovetransparencyandthedecision-usefulnessofdata,theUSwillrationalizethescopeofitsrequirements,streamlineaspectsofreportingandraisethethresholdformanagersthatneedtoreport.CNMVlaunchespublicconsultationondrafttechnicalguideregardinginternalcontrolsinclosed–endedvehiclemanagementcompanies,CNMV,29May2026CommunicationontheCSSFFeedbackReport—Thematicreview—Valuationframeworkforlessliquidandilliquidassets,CSSF,4June2026中国证监会发布《私募投资基金信息披露监督管BundesratwilldenGrundstückerwerbfürPersonenimAuslandweiterbeschränken,FederalCouncil,15April202619|EvolvingassetmanagementregulationAbouttheauthorsinstitutionsandfundsinstitutionsandfundsTotalReturnSwapHighnetworthSource:“Developmentsinprivatecredit”,KPMGInternational,January2026Abouttheauthors20|Evolvingassetmanagementregulation2026reportThesupervisoryscrutinyoutlinedaboveisespeciallyrelevanttoretailmanagers’arrangementsintermsofvaluation,liquiditymanagement,governanceanddistribution.planstoengagefurtheAlthoughmuchhasbeenmadeoftheriseofprivatemarkets,regulatorscontinuetoprogressinitiativesthataimtoimprovethefunctioningandeffectivenessofpublicmarkets.simplifieditsMiFIDtransparenctransactionreportingfieldsfreffectfromApril2028.66Openingremarksatprivatemarketsroundtable,SEC,4March2026Keyissuesoutlook2026,ASIC,27January2026SFCproposestoenhanceHongKong’sretailfundcodetobolsterglobalcompetitiveness,SFC,22October2025ESMAsimplifiesMiFIDII/MiFIRobligationsonmarketdata,ESMA,23February2026ESMAidentifiesupto€1billioninpotentialannualsavingsfromsimplifyingEUtransactionreporting,ESMA,2July2026FCAfinalisesrulestocutfirms’transactionreportingcostsbyover£100mayear,FC21|Evolvingassetmanagementregulation2026reportAbouttheauthorswillbringEuropeantransitiontoT+1settlementisrapidlymovingfromadistantmilestonetoSwitzerlandwillmovetotheacceleratedsettlementESMAclarifiesexpectationsinESMAclarifiesexpectationsintherun–uptothelauncInvestorsgetreal–timeviewofUKbondmarketactivityforthefirsttime,FCA,22June2026FederalCouncillaunchesconsultationonamendmentstotheFinancialMarketInfrastructureAct,FederalCouncil,19June2024FCAexpectationsfortheUKmovetoT+1securitiessettlement,FCA,October2025StatementonT+1preparations,ESMA,20JulyDirective(EU)2024/927oftheEuropeanParliamentandoftheCouncPS26/17:EnhancingfundliquidityriskmanagESMAprovidesadviceoneligibleassetsforUCITS,ESMA,26June20CSApublishesproposedliquidityriskmanagementamendmentsandlaunchesconsultation,CSA,27November2025Commissionreinforcesresilienceofmoneymarketfundswithnewguidance,EuropeanCommission,11May2026FCAupdateonreformstotheUKMoneyMarketFundRegulation,FCA,8June2026SFCproposestoenhanceHongKong’sretailfundcodetobolsterglobalcompetitiveness,SFC,22October2025issuingcommunicationswiththeirexpectationsforchiefcomplianceofficeregimestobringthemintoalignment.ForEUfirms,amendmentstofundframeworkstookeffectinApril2026,requiringfundmanagerstoimplementatleasttwoliquiditymanagementtools(LMTs)andtocomplywithdetaildefinitionsofLMTsaindustrypracticewasalreadybfirms,introducingsimilaramendmentsontheuseofliquiditymanagementtoolscomparedwiththeEU.73However,itwentfurtherbyclarifyinghowfirmsshouldmakechangestorequirementsforriskmanagementframeworks,theiroversight22|Evolvingassetmanagementregulation2026reportAbouttheauthorsAbouttheauthors23|Evolvingassetmanagementregulation2026reportFelixwasaskedtoshareinsightsonprivatemarketsfocusareasmanagersareupliftingtheirstandardsinresponse.FelixMetzlerFelixMetzler24|Evolvingassetmanagementregulation2026reportAbouttheauthors25|Evolvingassetmanagementregulation2026reportThishasresultedinmarkedlydifferentapproachesemergingaroundtheworldtoregulatingthedeploymentofAIinfinancialservicesandassetmanagementfirms.Assomejurisdictionscontinuetorelyontechnology-neutralrulesandguidance,othersarenowpullingbackonAI-specificrequirementsthatwereimplementedearlyinthedeploymentofAI.sufficientclarityfortokenizationtomovefromsmallpilotstomAbouttheauthors26|Evolvingassetmanagementregulation2026reporttosupportresponsibleadoptionwhilefacsupervisorswiththelaunchofitssupervisorytoolkit,thefirstjurisdictionstolaisnowbeingreworkedinthecontextointroduced,themostsignificantistopostptheonusremainsverymuchonfirmstoensurethattheiroverallAIgovernance(howtheyselect,deployandoverseeAItoolsandagents)remainsrobust.FSBconsultsonsoundpracticesfortheresponsibleadoptionofartificialintelligence,FSB,10June2026IOSCOpublishesAIsupervisorytoolkit,IOSCO,25May2026ArtificialIntelligence:Councilgivesfinalgreenlighttosimplifyandstreamlinerules,CounciloftheEU,29June2026RethinkingregulationfortheageofAI,FCA,24June2026FinancialServicesAIAdoptRemarksatFinancialStabilityOversightCouncilArtificialIntelligenceInnovationSeriesRoundtableonStrategyandGovernancePrinciples,SEC,4March202627|Evolvingassetmanagementregulation2026reportAIsolutions.88reporttotheUKgovernmentsetoutrecommendatforfirmstosupportAIadoRegulatorsandpolicymakersarecontinuingtheireffortstocapitalizeonthepotentialfortokenizationtodrivegrowthandcompetitiveness.Whilemajorfinancialcentersaremovingtoshapetherules,buildinfrastructureandcapturemarketshare,otherjurisdictionsareprogressingataslowerpaceandseekingtocatchup.InSingapore,theMASpartneredwithindustrytodevelopatoolkitforfinancialservicesfirmsaroundmanagingAI-relatedrisks.PolicyStatement—UseofArtificialIntelligence,GFSC,29January2026MASGuidelinesforArtificialIntelligence(AI)RiskManagement,MAS,13November2025AIinfinancialservices:enablinginnovationwithconfidence,JFSC,1May2026AIandthefutureofretailfinancialservices(TheMillsReview),FCA,6July2026Independentreport,FinancialServicesAIAdoptionPlan,HMT,14July2026MASPartnersIndustrytoDevelopAIRiskManagementToolkitfortheFinancialSector,MAS,20March2026RegulatorslaunchGenA.I.Sandbox++tofosterA.I.innovationacrossfinancialservices,SFC,5March202628|Evolvingassetmanagementregulation2026reportCentralbankdigitalCentralbankdigitalformofdigitalcurrencyWealthmanagersimplifyingpost-tradeoperationalprocessessuchasconfirmationWealthmanager$Representingcustomeracceleratetransferofforinstantaneous$RepresentingcustomersettlementCommercialmanagerCommercialStreamliningthefundadministrationframework,includingrecordingadministrationframework,includingrecordingtheownershipoffundunitsandtrackingsubscriptionsandredemptionsonadistributedledger.privateassetsandhasthepotentialtofacilitategreateraccessforinvestors,increasetheliquidityofassets,andenablegreatercustomisationofportfolios.29|Evolvingassetmanagementregulation2026reportservicesforretailinvestors.WhiletheinitiatTheEUisreviewingwhlegaltreatmentoftokens,includingfunds,providingimporwillapplytotokenizedeqgrowinginterestinfundtokenization,particulaGuardian,OperationalisingTokenisedSFCunveilsnewregulatoryframeworktoallowsecondarytradingoftokenisedSFC–authorisedinvestmentproducts,SFC,20April2026TargetedconsultationonthereviewofRegulationontheMarketsinCrypto–Assets(MiCA),EuropeanCommission,20May2CallforInput:Thefutureoftokenisation—AjointvisionfromtheauthoritiesforUKwholesalefinancialmarkets,FCA,18May2026Wholesaledigitalmarketschampion—firstreport,HMT,13July2026DP12—DistributedLedgerTechnology&TokenisationinFi30|Evolvingassetmanagementregulation2026reportAbouttheauthorssecuritieswithintheexistingregulatoryframework.103flurryofregulatoryactivityfrompreviousyearforthebroaderinvestmentecosystem.Mostnotably,compatiblewithtraditionalfinancerequirementswhileprotectinginvestors.theopportunitytoobservetheimpactofcryptoassetimplementationsignaledregulators’willingnesstofrictionsbetweenthecrypto-nativeandtraprogresses,somememberstaestablishnationallicensingdeterminingwhethereachtokentheyengagewithmeetsofthesectorwithinthonthecustodyofcryptoassetstomitigaterisksandensureinvestorprotectioninthefaceofgrowinginterestintheassetclass.TimetoWin:securingJersey’scompetitiveedgeinfinancialandrelatedprofessionalservices,GovernmentofJersey,16March2026CSAinvitesstakeholderstoparticipateintokenizationinitiative,CSA,31March2026TargetedconsultationonthereviewofRegulationontheMarketsinCrypto–Assets(MiCA),EuropeanCommission,20MaFINMAGuidance01/2026:Custodyofcryptobasedassets,FINMA,12January2026TheDFSAimplementsmajorupdatestoCryptoTokenRegulatoryFramework,enhancingmarketintegrityandsupportinginnovationinDIFC,DFFSTBandSFCconcludeconsultationsonvirtualassetdealerandcustodianregimes,furtherconsultontwonewregimes,SFC,24December2025Abouttheauthors31|Evolvingassetmanagementregulation2026reportpotentiallybenefittingfromobservinghowregulatoryrules,whichwillcategoriinvestments”,aligntheirregulatorytreatmentwithnon-thetreatmentofbitcoinforinvestmentcontractsinvolvingcryptoassets,termed“RegulationCryptoAssets”,withtheobjectiveofproductofferings.11withtheCentralBankofOverviewofourcryptoassetsregimepolicystatements,FCA,30June2026SECProposesNewRegulationCryptoAssets,SEC,GovernmentStreamlinesTokenisedFundsLegislation,CaymanIslandsGoverFAQ