In this update, we take high-level review of major issues faced by private fund managers investing across the globe. In August and September, private fund managers with U.S. investors faced the broadest expansion of SEC regulation since Dodd-Frank, while European managers worked through the details of ESG reporting. Enforcement continued to be laser-focused on digital assets (but courts didn’t always agree with them), Finfluencers, custody and marketing, while new employment and privacy requirements raised unique issues for asset managers.

To close out 2022, US states passed a range of rules broadly applicable to all businesses, while global regulators took steps to regulate ESG and crypto-assets comprehensively. While the digital asset industry bore the brunt of enforcement, regulators will give private equity, real estate and hedge fund managers much to think about in 2023.