In a dramatic shift on June 12, 2025, the U.S. Securities and Exchange Commission (SEC) withdrew 14 proposed rulemakings, many of which had been poised to reshape compliance for asset managers and private capital firms. From cybersecurity and predictive analytics to ESG disclosures and custody reform, these now-shelved initiatives had triggered months—if not years—of planning and investment.
While headlines focused on deregulation, what’s being missed is the whitespace left behind. For COOs, CFOs, compliance leads, and fund managers, the question isn’t what’s been rolled back; it’s what remains, and how best to move forward.
Les changements ne manquent pas en back-office. Les fax et les montagnes de papier appartiennent peut-être au passé, mais les entreprises restent confrontées à une complexité accrue sur les coûts. Michael Galvin, Responsable produits pour les plateformes de comptabilité de fonds de Linedata, explique comment Linedata aide ses clients à résoudre leurs problèmes de back-office.
Q: Les coûts sont sans cesse réduits et il est de plus en plus nécessaire de gérer les risques opérationnels à mesure que les structures de fonds et les types d'actifs se complexifient. Comment Linedata aide-t-il les entreprises à gérer cette situation ?
Le back-office a toujours été perçu comme un centre de coûts et a été mis à mal ces dernières années, les équipes devant effectuer des tâches plus complexes, plus rapidement et de manière plus rentable. Cette complexité est due à différents facteurs : des types d'actifs et des structures de fonds de plus en plus complexes (y compris des ETF, dont les processus sont lourds), une réglementation plus stricte et des frontières floues entre les structures de fonds traditionnelles et alternatives. Les pressions sur les coûts se sont répercutées sur l'humain. Les organisations ne peuvent plus se contenter de confier le problème à des comptables. Les solutions à ces problèmes doivent au minimum être neutres en termes de coûts, voire dans de nombreux cas, avoir un coût négatif.
La technologie permet de relever ces défis, et c'est là que Linedata intervient. Nous travaillons en étroite collaboration avec nos clients pour comprendre les pressions auxquelles ils font face et leurs attentes en matière d'exécution rapide et précise des tâches. Notre application avancée de gestion des processus, Linedata Optima, fonctionne de manière transparente avec nos plateformes de comptabilité de base pour rationaliser et automatiser les activités d'administration de fonds. Cela permet à nos clients de contrôler leurs coûts, de limiter leurs risques et de gérer leur entreprise plus efficacement.
Does Less Regulation Mean Less Risk?
It's tempting to think so. But the market tells a different story. Cyber threats are growing. AI risk governance is still evolving. ESG expectations haven’t disappeared. Regulation or not, the pressure to demonstrate responsible operations remains.
This is where the middle office steps in—not just to respond, but to lead. The goal is no longer just compliance. It’s building resilient, modular operations that enable agility, transparency, and trust.
What’s Changed Since the Original SEC Proposals?
The SEC’s decision under Chair Paul Atkins has walked back many of the expansive policies set under former Chair Gary Gensler. These included:
- Cybersecurity Risk Management for Advisors and Broker-Dealers
- Predictive Data Analytics oversight
- Custody rule rewrites impacting digital assets
- ESG disclosure mandates
- Market structure reforms, such as Best Execution and Order Competition rule
Firms had prepared for these changes with urgency, building cross-functional task forces and deploying new systems. The June withdrawal has left much of that work incomplete, but not irrelevant. The risk domains still exist, even without a federal directive.
5 Strategic Takeaways for Operations Leaders
1. The rules are gone. The risks are not. Cybersecurity, AI governance, and custodial oversight remain active concerns. The need for action hasn’t disappeared—only the deadlines.
2. Deregulation = whitespace. Without prescriptive policy, firms that move first can define what good looks like. This is an opportunity to lead by example.
3. Being proactive builds trust. Regulatory cycles may pause, but investors expect continuity. Staying "reg-ready" reinforces operational maturity.
4. Resilient infrastructure is strategic infrastructure. Middle office operations must support modular policy design and fast adaptation. This is now a competitive edge, especially for private credit.
5. Operational agility is a value proposition. For asset managers and private capital firms, demonstrating flexibility and control in the middle office strengthens your pitch to investors and stakeholders.
Operational Partnership: Our Focus at Linedata
As middle and back-office partners to many of the biggest names in the industry, we’re:
- Monitoring regulatory shifts—like withdrawn SEC proposals—and reconciling them against our clients’ existing operations to flag potential impact areas
- Helping clients stay ahead of changes by identifying where shifts in regulation may influence operational workflows, data handling, and portfolio support requirements
- Strengthening support for custodial oversight, cybersecurity and cyber resilience, and AI governance
- Supporting private capital firms with operational tools that keep pace with bespoke deal structures and complex investor demands
- Reinforcing the principle that operational excellence shouldn't depend on regulatory pressure. Put simply, we’re not waiting for regulators to tell us what “good” looks like
Bottom Line: Think Opportunities
Regulatory resets like this don’t eliminate risk; they redistribute it. They create a vacuum that forward-thinking firms can fill. For operations leaders in asset management and private capital, the real advantage now lies in turning preparedness into purpose.
This is a moment to modernize infrastructure, reinforce investor confidence, and lead with conviction, whether or not the rules are written.
Explore Linedata’s Middle Office Services Offering
Linedata’s Middle and Back Office Services help asset managers, hedge funds, and private capital firms achieve operational alpha without waiting for mandates. From custodial oversight to ESG and cybersecurity support, our solutions help you adapt quickly, build resilience, and stay ahead of what’s next.
À propos de l'auteur, Michael Galvin
Michael Galvin est Responsable des produits pour les plateformes de comptabilité de fonds de Linedata. Fort de 25 ans d'expérience dans le secteur, il a dirigé le développement d'applications de base, de technologies surround et de solutions de gestion des processus pour les sociétés d'administration de fonds et de gestion d'actifs. Michael a débuté sa carrière en tant que comptable de fonds chez JPMorgan Chase.
Want to know more? Let’s discuss how we can help your Middle Office perform better