独家洞察 | 美允许401(k)退休金计划进军私募市场：接下来会发生什么？

Core Viewpoint - The article discusses the significant policy shift initiated by President Trump's executive order on August 7, which aims to broaden the investment options for retirement plan participants, allowing them to invest in alternative assets beyond traditional stocks and bonds [3][4]. Group 1: Policy Changes - The executive order represents the most substantial expansion in the U.S. retirement investment landscape in decades, encouraging retirement plans to allocate funds to alternative assets such as private equity, private credit, infrastructure, real estate, and digital assets [3][4]. - The order does not amend existing pension or securities laws but mandates the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to develop new regulations in consultation with the IRS and the Treasury Secretary [4]. Group 2: Implementation Timeline - Proposed rules are expected to be released by February 3, 2026, which is 180 days post-executive order, with final rules to be established by the end of 2026 [4]. - The new regulations will likely impact fiduciary duties and compliance obligations under ERISA and may affect disclosure and conduct standards under federal securities laws [4]. Group 3: CUSIP System Expansion - CUSIP Global Services announced an expansion of its identification system to include private market instruments, aligning with the direction of the executive order [5]. - The introduction of standardized identification codes for private assets will enhance transparency and compliance with SEC reporting requirements, facilitating better tracking and evaluation of asset holdings [5]. Group 4: Stakeholder Responsibilities - Plan sponsors, asset managers, and private credit providers are encouraged to participate in the implementation process by providing feedback and guidance on integrating private assets into defined contribution pension plans [5].