Global Alts Market Set for Strong Growth: InvestmentNews reports that the global alternatives market is set for strong growth in the next few years, reaching $29.2 trillion by 2029 and up from just short of $17 trillion at the end of 2023, according to the official forecast from industry analysts at Preqin.

Alts Fundraising This Year Tops $76 Billion so Far: The DI Wire reports that alternative Investment fundraising among largely illiquid offerings totaled approximately $76.6 billion through August led by non-traded business development companies at an estimated $23.7 billion, interval funds at $18.3 billion and other private placements, including infrastructure and private equity offerings, at $12.9 billion, according to investment banking firm Robert A. Stanger & Co., Inc.

DOL Appeals Court Decisions Halting Fiduciary Rule Implementation: ThinkAdvisor reports that the Department of Labor late last week asked the Fifth Circuit Court of Appeals to reverse two rulings from federal courts in Texas that stopped Labor’s new fiduciary rule from taking effect Monday.

Firms Hit With $100 Million SEC Messaging Fines: The Securities and Exchange Commission continued its crackdown on texting and the use of unauthorized messaging apps Tuesday by ordering more firms to pay a combined $100 million for widespread and longstanding failures to maintain and preserve electronic communications, Reuters reports.

Exceeding Investment Limits Cost Firms $9.3 Million: InvestmentNews reports that Merrill Lynch and Harvest Volatility Management have agreed to pay a combined $9.3 million in penalties and disgorgement following charges that they exceeded client investment limits on a complex options strategy, according to the SEC.

POLICY AND LEGISLATION

House GOP Rebuffs Global Tax: The Hill reports that House Republicans doubled down on their rejection of what they called a threat to U.S. tax sovereignty last week of an international tax provision within an Organization for Economic Cooperation and Development framework, as the Treasury advanced rules that may help companies avoid it.

Congress Avoids Partial Government Spending Shutdown: The Wall Street Journal reports that the House and Senate passed a measure late Wednesday funding federal agencies until late December, voting overwhelmingly to take a politically risky government shutdown off the table until after the election.

Both Parties Attack SEC at Hearing Over Crypto: Reuters reports that lawmakers from both parties in the House of Representatives on Tuesday renewed their attacks on SEC Chair Gary Gensler over his agency's policies on cryptocurrencies, accusing the agency of hampering the industry's growth.

Tax Extension Deal Possible After the Election: The Hill reports that Sen. Mike Rounds (R-SD) said Wednesday there could be an opportunity during the lame-duck session of the current Congress to negotiate a deal on taxes ahead of expirations in the code scheduled for next year.

GOP Senators Float Bill to Expand Capital Markets: Pensions & Investments reports that Senate Banking Committee Republicans introduced a legislative package to permit 403(b) plans to invest in collective investment trusts, allow more individuals to invest in private markets by expanding the accredited investor definition and expand investment options for venture capital funds.