If the first quarter of 2026 is any indication, private fund managers are entering a new phase of regulation, one defined by tighter coordination, greater scrutiny and higher expectations. Agencies are rewriting the rules of how they work together; enforcement practices are being overhauled; and compliance deadlines are arriving whether firms are ready or not. From the SEC’s sharpened focus on cybersecurity and customer data protection to the ongoing evolution of sustainability reporting standards, the firms we work with are navigating a landscape that demands not only awareness, but action.
Ahead of the full release of Silver’s Regulatory Recap later this week, I wanted to share a preview of the issues shaping this quarter’s edition. Our compliance, cyber and sustainability risk & strategy (SRS) teams have been working on practical, timely guidance on two topics that are commanding attention across our client conversations: Regulation S-P and the updated 2026 PRI Reporting Framework. Both carry upcoming compliance deadlines and meaningful operational implications, underscoring a broader shift in how regulators are measuring whether private fund managers are equipped to meet today’s expectations.
Our compliance and cyber teams have collaborated on an analysis of the SEC’s amendments to Regulation S-P, one of the most significant updates to customer data protection requirements in recent years. With the compliance deadline for smaller entities coming into effect on June 3, 2026, the window for planning is closing. In our thought leadership article, you will gain practical, plain-language insight into what has changed and how private fund managers can position themselves now.
You will also find analysis from our SRS team on the updated 2026 PRI Reporting Framework. For signatories to the Principles for Responsible Investment (PRI), this reporting cycle brings meaningful changes worth understanding ahead of time. Whether your firm is a seasoned PRI Signatory or newer to the reporting process, this overview will help you approach this submission period with clarity and confidence.
This has also been an unusually active quarter from a broader regulatory standpoint. The SEC and CFTC’s new Memorandum of Understanding, announced on March 11, 2026, is more than a procedural agreement between agencies. It signals a meaningful shift in how regulators intend to approach oversight going forward, particularly for firms operating in the digital asset space, and it has real implications for how examinations and enforcement actions may be coordinated in the months ahead. The updated SEC Enforcement Manual, which was released on February 24, 2026, is equally worth your attention. For the first time since 2017, the Division of Enforcement has clarified how it conducts investigations, issues Wells notices and evaluates cooperation credit. For private fund managers, understanding how the SEC approaches these processes is not just useful context, it is practical preparation.
Before I sign off, I also want to share some exciting news from within Silver. We recently established a presence in London, marking an important milestone in our firm’s growth. This expansion reflects the increasingly global nature of our clients’ structures and strategies, and it allows our SRS team to be closer to the regulators, industry organizations and investors who are helping shape the future of sustainability policy in the UK and EU. Our new London presence is anchored by Jarod Riedl, Associate Director, who will lead client engagement and advisory efforts in the region. We are proud of this new chapter and look forward to the deeper connections and insights it will bring to the work we do on your behalf.
In the meantime, if you are looking for something to read while you wait for the full Regulatory Recap, our team has published several pieces of thought leadership on our website this quarter that may be of interest:
- 2025 Sustainability Regulation Recap: Updates and How to Prepare for 2026
- Navigating the SEC’s 2026 Exam Priorities
- The Crypto Current, Vol. 1 – The CFTC Takes Center Stage
As always, if any of the topics previewed here prompt questions or spark ideas about issues emerging in your own firm, we want to hear from you! You can reach our team at [email protected]. And if your firm is looking for support in building or strengthening a regulatory compliance, cybersecurity, sustainability, or digital asset program, our teams are here to help you navigate!