[T]he staff has been developing three sets of initial recommendations to address the increasingly complex portfolio composition and operations of today's asset management industry, which manages more than $62 trillion of assets. The first seeks to modernize and enhance data reporting for both funds and investment advisers. The second would require registered funds to have controls in place to more effectively identify and manage the risks related to the diverse composition of their portfolios, including liquidity management and the use of derivatives in mutual funds and ETFs. The third focuses on planning for the impact of market stress events or when an adviser is no longer able to service its clients. Over the course of this year, which also marks the 75th anniversary of the SEC's role as the federal regulator of funds and advisers, the Commission and staff will consider each of these initiatives and we will be looking to market participants for their views.