KPMG recently released the tenth edition of its Evolving Asset Management Regulation report (Report), which surveys the current state of, and changes in, regulations around the globe that affect asset managers. “The regulatory perimeter is expanding,” survey author Julie Patterson, KPMG head of asset management, regulatory change, financial services risk and regulatory insight center, told the Hedge Fund Law Report. Growing numbers of jurisdictions are regulating the activities of private fund managers. In addition, the coronavirus pandemic has fed concerns that investment funds and investment management activities give rise to systemic risk. Consequently, “managers of private funds are increasingly under scrutiny,” she observed. This two-part series discusses the key takeaways from the Report, with additional insights from Patterson. This first article covers the Report’s findings on the impact of the pandemic on regulation; liquidity risk, valuation and leverage; operational resiliency; anti-money laundering; and fiduciary duty. The second article will review fee and expense disclosures; the end of LIBOR; capital markets rules; responsible investing; new investment vehicles and broadening investor base; and market access issues. For coverage of a KPMG and CREATE-Research Survey on how alternative investment managers can avoid becoming digital dinosaurs, see our two-part series: “How Digitization May Transform the Industry” (Mar. 1, 2018); and “How Private Fund Managers Are Entering the Digital Age” (Mar. 8, 2018).