Enforcements

FSI Urges SEC to End “Regulation by Enforcement” Approach

Summary: Financial Services Institute (FSI) sent a letter on 11/11/25 to Securities and Exchange Commission Chair urging the SEC to end what FSI describes as “regulation by enforcement” especially in the crypto sector.

Why it matters: These signals growing industry push-back against enforcement-led regulation and may increase the likelihood of forthcoming rulemaking (rather than purely enforcement) in certain areas — especially digital assets.

Potential action: Private-fund managers (especially those with crypto or tokenised asset strategies) should monitor upcoming proposed rules or guidance; update internal risk frameworks to incorporate both enforcement risks and possible shifts toward rule-based regulation.

Read More Here (Wealth Management)

In The News

Morgan Stanley Expands Coverage to Private Companies

Summary: Morgan Stanley launched a dedicated private-company research page, reflecting a strategy shift to provide deeper coverage of high-growth private firms.

Why it matters: This move highlights how major asset-managers are ramping up infrastructure around the “private markets” segment (private companies, high-growth start-ups) — signalling increased institutional focus, enhanced research resources, and possibly more competition for deal flow, valuation discipline and transparency.

Potential action: Fund managers and advisers should review how they position access to private-company insights and deal origination; investors might anticipate higher valuations or more terms transparency in private deals; service providers should evaluate their research-and-analytics offering for private-company coverage to stay competitive.

Read More Here (Reuters)

Global Private-Equity Managers Reassess China Exposure

Summary: Global private-equity funds are reconsidering China after years of under-exposure, citing cheaper valuations, low competition & reduced U.S.-asset focus.

Why it matters: Shows a shift in global allocation by private-fund managers--U.S.-domiciled managers and LPs may face more competition for U.S. deals or may need to revisit their geographic strategy.

Potential action: Review your fund’s geographic deployment strategy, competitor landscape (especially Asia/China), and LP messaging regarding diversification and allocation shifts.

Read More Here (Reuters)

Events

Emerging Manager Platform series - Knowing When the SEC Comes into Play

Orical and Reliant Fund Services will co-host their next session of the Emerging Manager Platform Series on Wednesday, November 19 at 1:00 PM ET. Featuring Vanessa Sasson of Florio Leahy LLP / Orical LLC and Eric Schultz of Reliant Fund Services, the discussion—From Launch to Registration: Knowing When the SEC Comes into Play—will outline the key regulatory milestones in a fund manager’s evolution. The session will explore when registration becomes required, how growth triggers compliance obligations, and what steps managers can take to ensure institutional readiness.

Register Here(Reliant)

Orical Publications

Orical’s latest Issue in Focus publication, “The Foreign Corrupt Practices Act Remains in Full Force,” clarifies that despite recent headlines, the FCPA remains fully effective and continues to serve as a cornerstone of U.S. anti-corruption enforcement. Although criminal enforcement was briefly paused earlier this year under an executive order, the Department of Justice has now issued updated guidelines emphasizing national security priorities, fair competition, and a renewed focus on serious and strategically significant misconduct.

Read More Here (Orical)

About Orical

Orical is a trusted leader in investment management compliance consulting and compliance technology solutions. Founded by experienced investment management attorneys and former C-Suite executives, Orical has spent over 15 years helping investment advisers, private funds, and asset managers meet regulatory requirements with confidence. Our team delivers practical, business-focused compliance solutions designed to reduce risk, streamline operations, and navigate complex SEC and regulatory challenges.

Read More Here (Orical)