SEC appoints Brian Daly as Director of the Division of Investment Management – another key appointment for the crypto industry, alongside Jamie Selway and Erik Hotmire. How might Brian Daly’s long-standing experience advising investment firms and fund managers enhance the SEC’s expertise and impact on crypto regulation?
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Brian Daly’s Background and Potential Impact on the SEC
Brian Daly, alongside other recent SEC appointments, brings a highly valuable background shaped by decades of advising at the intersection of investment management, regulatory compliance, and interactions with supervisory bodies. Over the past four years, he served as a partner in the investment management practice at Akin Gump Strauss Hauer & Feld LLP in New York, where he advised other investment advisers and fund managers. His focus included regulatory compliance, disclosure obligations, operational procedures, trading processes, corporate transactions, as well as fund restructuring and changes to management company structures.
Before that, Daly spent nearly a decade at Schulte Roth & Zabel LLP, where he also specialized in legal support for asset managers. He was a co-founder of Kepos Capital, a quantitative investment firm, where he held the position of Chief Legal and Compliance Officer. He also led compliance functions at Millennium Partners, Raptor Capital Management, and Carlyle Group Global Markets.
In addition, he has academic experience, having taught at Yale Law School, served on the board of the Managed Funds Association, and been an editor of the Stanford Journal of International Law. He earned a J.D. with honors from Stanford Law School, a B.A. from Catholic University, and an M.A. from the University of Hawaii. Altogether, this represents a series of substantial credentials that position him as a highly valuable figure within the SEC.
SEC Chairman Paul S. Atkins stated:
“Brian has deep familiarity with all levels of the investment management industry, and I look forward to working with him as we address smart, effective oversight of the industry and its relationships with investors.”
Brian Daly and Implications for Investment Regulation
As a reminder, the Division of Investment Management oversees the regulation of investment companies, advisers, and fund structures, along with investor disclosure procedures. Brian Daly’s appointment as director of the Division comes at a time when the SEC is placing increased focus on issues of disclosure, compliance, and legal oversight of asset management structures. Daly’s experience – both within fund managers and top-tier legal practices – could prove instrumental in shaping the SEC’s practical approach to supervisory initiatives, particularly in areas such as operational oversight and procedural transparency.
Conclusion
Daly’s appointment, like others, appears highly promising—perhaps even more so. His extensive background across asset management structures and legal compliance could significantly enhance the SEC’s ability to adapt regulatory requirements to the architecture of modern investment firms.
Once again, we can hope that the resulting initiatives will support market development and contribute to more transparent, durable regulations that enable rather than obstruct investor activity.
