Fund Services

The Top 3 Regulatory & Market Changes Fund Services Teams Need to Watch in 2025


The fund services industry is facing a period of rapid change. Regulatory shifts, structural reforms in key jurisdictions, and growing investor demand for alternative assets are reshaping the way funds are managed and supported. For fund administrators and service providers, staying ahead of these developments is critical to ensuring compliance, maintaining efficiency, and identifying new opportunities.

Here are the top three recent changes that every fund services team should be tracking.

1. Alternative Assets in Retirement Plans: A Potential Paradigm Shift

On August 7, 2025, the U.S. Administration issued an Executive Order directing the Department of Labor to re-examine fiduciary guidance around alternative assets in retirement plans. The aim is to make it easier for 401(k) and other ERISA-qualified plans to include exposure to private equity, hedge funds, real estate, venture capital, and digital assets. The SEC has also been asked to modernize regulations to support this change.

Why it matters: This order indicates that federal agencies are reviewing the regulatory framework that governs retirement plans. If implemented, the resulting changes could affect which asset classes are eligible within these plans and how service providers interact with them under revised rules.

Read more: https://www.ici.org/viewpoints/25-executive-order-democratizing-alternative-assets-401K

2. SEC & CFTC Extend Form PF Compliance Deadline

On June 11, 2025, the SEC and CFTC announced that the compliance deadline for the revised Form PF would be pushed from June 12 to October 1, 2025. This form is a key reporting requirement for investment advisers to private funds, designed to improve oversight and systemic risk monitoring. Regulators acknowledged that filers and service providers needed more time to test and implement updated reporting systems.

Why it matters: The extension reflects the operational demands associated with implementing updates to Form PF. It highlights the significance regulators place on ensuring accurate reporting and demonstrates their acknowledgment of the time needed for preparatory adjustments by filers and their service providers.

Read more: https://www.davispolk.com/insights/client-update/investment-management-funds-regulatory-update-june-2025

3. Jersey Private Fund Regime Reforms

On August 6, 2025, amendments to Jersey’s Private Fund (JPF) regime came into effect. The changes include the removal of the previous 50-investor cap, the expansion of eligible investors to cover UK professional clients and U.S. accredited investors, the introduction of accelerated processing times (with approvals available within 24 hours through designated service providers), and provisions permitting JPFs to be listed, subject to regulatory approval.

Why it matters: The reforms represent a significant structural update to one of Jersey’s most widely used fund frameworks. By widening the eligible investor base and shortening authorization timelines, the jurisdiction has altered the operational landscape for funds domiciled there.

Read more: https://www.ocorian.com/knowledge-hub/insights/jersey-private-fund-regime-upgrade-what-august-6-2025-changes-mean-managers



The regulatory and structural environment for fund services continues to develop across multiple jurisdictions. The recent Executive Order in the United States, the extension of the Form PF compliance deadline by the SEC and CFTC, and the reforms to Jersey’s Private Fund regime illustrate the scope and pace of change within the sector. Monitoring such developments remains essential for organizations engaged in fund administration and related services to remain aligned with evolving requirements and frameworks.