(Reuters) - A trade group has asked the incoming Trump administration to consider a "comprehensive plan" for updating the U.S. Securities and Exchange Commission's regulatory framework for investment companies, according to a letter seen by Reuters.

The letter from the Investment Company Institute is the latest financial sector wish list to emerge as President-elect Donald Trump assembles a cabinet before taking office on Jan. 20.

WHY IT MATTERS

Wall Street lobby groups have chafed under President Joe Biden's regulators and are seeking major changes from Trump, who has promised to slash rules and cut taxes, as Reuters reported last week. The Managed Funds Association has also asked the transition team for pro-growth taxes and reforms to the SEC.

KEY QUOTE

"Regulatory reforms are needed to enable firms to continue innovating and advance the interests of individual investors," said the letter sent to the Trump transition team. "To that end, ICI has developed a comprehensive plan to update the regulatory framework of the Investment Company Act of 1940."

CONTEXT

The ICI letter also says its list of priority issues can help develop guidance to allow investors to avoid paying unnecessary taxes, in addition calling for Congress to adopt industry-friendly laws on investment, corporate disclosure and a "fairer tax system for funds."

WHAT'S NEXT

Trump this week announced a string of cabinet nominees but has yet to name his picks to oversee the world's largest economy and capital markets.