Recent policy initiatives and remarks from leaders of the US Securities and Exchange Commission (SEC) have created a changing landscape for retail access to the private markets. At a recent conference hosted by the Practising...more
On March 20, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the US Securities and Exchange Commission (SEC) to exempt certain business development companies (BDCs) from FINRA...more
The SEC recently issued a notice with regard to a new model of co-investment relief and issued the first exemptive order for multi-class relief to a private BDC. This legal alert discusses both new developments....more
On March 12, 2025, the Securities and Exchange Commission issued a significant No-Action Letter, providing clarity on how issuers can satisfy the “reasonable steps” requirement for verifying accredited investor status in Rule...more
4/4/2025
/ Accredited Investors ,
Due Diligence ,
High Net-Worth ,
Investment ,
Investment Funds ,
New Guidance ,
Private Funds ,
Red Flags Rule ,
Regulation D ,
Rule 506(c) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Rule 38a-1 under the Investment Company Act of 1940 (the 1940 Act) requires funds to review their compliance programs, as well of those of their service providers, including their investment advisers (advisers), annually....more