The first quarter of 2023 brought a wave on notable bank failures triggered by a continued rising interest rate environment, cryptocurrency turmoil, and other market developments. The SEC cited the banking crisis as evidence of the need for additional private fund reporting as it finalized the first of several Form PF amendments. The Q1 Regulatory Update highlighted final rules shortening settlement dates, proposed amendments to the IA custody rule, and 2023 Exam Program priorities, among other developments.