On August 15, 2025, the Division of Investment Management (the “Division”) of the U.S. Securities and Exchange Commission (SEC) published Accounting and Disclosure Information 2025-16 (ADI), providing updated guidance for...more
8/19/2025
/ Closed-End Funds ,
Disclosure Requirements ,
Division of Investment Management ,
Filing Requirements ,
Internal Revenue Code (IRC) ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Guidance ,
Private Funds ,
Registered Investment Advisors ,
Registration Requirement ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
On August 7, 2025, President Trump signed an Executive Order (the “Order”) aiming to facilitate the use of alternative investment assets, such as private equity, real estate, venture capital, digital assets, and hedge funds,...more
8/13/2025
/ 401k ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Executive Orders ,
Popular ,
Private Equity ,
Private Funds ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
On March 19, 2025, the staff of the SEC’s Division of Investment Management issued two new FAQs related to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Rule”). The new guidance reduces the complexity of the...more
3/28/2025
/ Asset Management ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Marketing ,
New Guidance ,
Private Funds ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The new year always marks the start of a busy regulatory filing season for registered investment advisers, including investment advisers that file Form PF (“Form PF Filers”). This year could be especially challenging since,...more
2/5/2025
/ CFTC ,
Compliance ,
Enforcement Actions ,
Financial Services Industry ,
Form PF ,
Hedge Funds ,
Investment Adviser ,
Investment Management ,
Private Equity ,
Private Funds ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On December 20, 2024, the Securities and Exchange Commission (SEC or the “Commission”) announced charges against several entities that failed to file a Form D within 15 days of a private sale of securities. These entities,...more
1/8/2025
/ Civil Monetary Penalty ,
Compliance ,
Enforcement Actions ,
Filing Deadlines ,
Filing Requirements ,
Form D Filing ,
Investment Adviser ,
Private Equity ,
Private Funds ,
Registration Requirement ,
Regulation D ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
On October 21, 2024, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (“EXAMS”) announced its 2025 Examination Priorities (the “2025 Priorities”), highlighting areas that it expects to target...more
11/4/2024
/ Artificial Intelligence ,
Compliance ,
Cryptocurrency ,
Cybersecurity ,
Investment Adviser ,
Popular ,
Private Funds ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Regulation S-P ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Alongside the rapid pace of Securities and Exchange Commission (SEC) rulemaking, the SEC and its Staff continue to shape regulatory obligations for investment advisers in 2024 through guidance, alerts, enforcement actions,...more
8/22/2024
/ Administrative Procedure Act ,
Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Electronic Communications ,
Enforcement ,
False Statements ,
Hedge Funds ,
Investment Adviser ,
Loper Bright Enterprises v Raimondo ,
Marketing ,
Performance Standards ,
Private Funds ,
Recordkeeping Requirements ,
SEC Examination Priorities ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC)
On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,” which the U.S. Securities and Exchange Commission (the SEC)...more
6/13/2024
/ Audits ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
In November of 2023, FINRA made an initial rule filing with the Securities and Exchange Commission (SEC) pursuant to Exchange Act Rule 19b-4, seeking to amend FINRA Rule 2210 – Communications with the Public (the...more
On August 23, 2023, the SEC adopted new rules and amendments to existing rules (collectively, the “New Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The New Rules are designed to increase...more
9/5/2023
/ Conflicts of Interest ,
D&O Insurance ,
Disclosure Requirements ,
Errors and Omissions Policy ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
PCAOB ,
Private Funds ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On February 7, 2023, the Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMs) announced its 2023 Examination Priorities (the “Priorities”), which highlight areas it expects to target in 2023...more
2/22/2023
/ Broker-Dealer ,
Compliance ,
Cryptocurrency ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
Fair Valuation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Libor ,
Mutual Funds ,
Private Funds ,
Registered Investment Advisors ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments under the Investment Advisers Act of 1940 (the “Advisers Act”) to augment the regulation of private fund advisers....more
2/15/2022
/ Advisors Act ,
Audits ,
CFTC ,
GAAP ,
Investment Adviser ,
Investment Portfolios ,
PCAOB ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On January 27, 2022, the SEC’s Division of Examinations (“EXAMS”) released a risk alert (the “Risk Alert”) outlining its observations regarding compliance issues uncovered by its staff in examinations of registered investment...more
2/10/2022
/ Due Diligence ,
Fiduciary Duty ,
Hedge Funds ,
Investment Adviser ,
Limited Partnership Agreements ,
Misleading Statements ,
Omissions ,
Private Equity ,
Private Funds ,
Regulatory Oversight ,
Risk Alert ,
Securities and Exchange Commission (SEC)
On January 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Form PF, the confidential reporting form the SEC uses to collect data about certain SEC-registered investment advisers to hedge...more
On June 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert identifying common deficiencies and compliance issues it has observed in examinations of registered investment...more
On November 4, 2019, the Securities and Exchange Commission (SEC) proposed amendments to both the advertising rule and the cash solicitation rule under the Investment Advisers Act of 1940 (the “Advisers Act”). Neither rule —...more
In a recent speech, Andrew Bowden, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) “spread sunshine” on private equity industry practices gathered through so-called “presence exams” of newly...more
In a Guidance Update published this week, the SEC’s Division of Investment Management said that it would not object if related investment advisors registered jointly with the SEC and operating a single advisory business...more
- Regulatory Updates:
CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that are Commodity Pools; SEC’s Final Rules on General Solicitation and Bad Actor Disqualification for Investment...more
10/24/2013
/ Audits ,
Bad Actors ,
Broker-Dealer ,
CFTC ,
Commodity Pool ,
Compliance ,
Continuity of Enterprises ,
Dodd-Frank ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
General Solicitation ,
Investment Adviser ,
JOBS Act ,
PCAOB ,
Private Funds ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC)
In remarks to the Managed Funds Association, SEC Chair Mary Jo White encouraged hedge funds to embrace increased transparency under post-financial crisis rules and justified the SEC’s expanded jurisdiction, rule-making and...more