SEC Official Urges Exchange Listings for Regulated Alternative Funds

Brian Daly, director of the SEC’s Division of Investment Management, urged sponsors of regulated alternative funds to consider exchange listings and portfolio disclosures, saying the steps could widen retail access and improve price discovery. Speaking at Stanford on Oct. 16, Daly framed the effort around access, transparency and incentives. He said exchange trading could help investors and market intermediaries assess a fund’s value, with potential benefits for liquidity and price discovery. He called the concept “ticker-izaton” and said, “we are actively encouraging sponsors of regulated alts funds to provide position-level transparency.” That encouragement is separate from the SEC’s Sept. 30 package of proposed rules. The package does not require fund sponsors to list their funds or disclose individual holdings.

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