Post-financial crisis, the SEC shifted focus from investor protection toward systemic risk, fundamentally changing what filings are required and how asset managers and funds are examined.

Rulemaking at the SEC went from looking at information to be viewed by potential and current investors to collecting large chunks of data to be loaded in some future database and processed by analytics software. The SEC wants access to the data behind the old, viewable reports so that they can load and analyze that data too. In addition to the changes in format, the type of information has also changed. Funds and asset managers now have to report on collateral, securities lending, borrowings, counterparties, guarantors, and a whole host of derivatives information.

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