In December 2, 2025, remarks to the Private Funds Subcommittee and Investment Advisers and Investment Companies Subcommittee of the ABA’s Federal Regulation of Securities Committee, Brian Daly, director of the SEC Division of Investment Management (Division), discussed his desire to support innovation in the financial markets and ensure the Division listens to the needs of market participants. He also explained that the Division’s efforts during his tenure will be informed by the need for deregulation; modernization of the regulatory regime; democratization of access to alternative investments; and promotion of artificial intelligence. He gave the remarks in his official capacity as director of the Division but noted that they did not necessarily reflect the views of the SEC, its individual commissioners or its staff. This article parses his remarks. See “Division of Investment Management Staff Discuss Staffing, Operations, Rulemaking and Other Developments” (Jul. 31, 2025).