The US Securities and Exchange Commission (SEC) has approved a streamlined framework for co-investments involving certain closed-end funds and business development companies (together, Regulated Funds)....more
5/6/2025
/ Board of Directors ,
Business Development Companies ,
Corporate Governance ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Policies and Procedures ,
Private Funds ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
On 27 March 2025, the US Securities and Exchange Commission (SEC) hosted a roundtable on Artificial Intelligence (AI) in the financial industry that was designed to solicit feedback on the risks, benefits and governance of...more
On 19 March 2025, the Securities and Exchange Commission staff issued updated frequently asked questions (FAQs) relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Marketing Rule) (available here)....more
On 14 January 2025, the Securities and Exchange Commission (SEC) announced settled charges against three investment adviser representatives for acting as unregistered brokers in the sale of membership interests in certain...more
On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader...more
In order to discourage investment advisers, broker-dealers and investment companies from engaging in any “tricks,” the SEC’s Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the...more
10/22/2024
/ Artificial Intelligence ,
Asset Management ,
Broker-Dealer ,
Capital Markets ,
Emerging Technologies ,
Investment Adviser ,
Investment Firms ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more
4/15/2024
/ Asset Management ,
Compliance ,
Data Preservation ,
Electronic Communications ,
Email ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Firms ,
Policies and Procedures ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Text Messages ,
Workplace Communication
Brief Overview - On 8 February 2024, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF (the Amendments), the confidential reporting form...more
3/6/2024
/ Asset Management ,
CFTC ,
Compliance ,
Digital Assets ,
Disclosure Requirements ,
Hedge Funds ,
Investment Adviser ,
Investment Funds ,
Investors ,
Private Funds ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more
3/1/2024
/ Asset Management ,
Audits ,
Compliance ,
Disclosure Requirements ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Portfolios ,
Investors ,
New Rules ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
1/22/2024
/ Asset Management ,
Beneficial Owner ,
Capital Markets ,
Compliance ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Liquidity ,
Money Market Funds ,
Private Funds ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Swing Pricing ,
Whistleblowers
On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more
For registered investment advisers, examinations by the Securities and Exchange Commission (SEC) are a part of doing business. While an SEC examination is inevitable, many advisers have often wondered why they were selected...more
Executive Summary - Newly proposed rules (the Predictive Analytics Rules) will, if adopted as proposed, require broker-dealers and investment advisers (firms) to: (i) identify conflicts of interests when using certain...more
Introduction and Summary - On 3 May 2023, the Securities and Exchange Commission (SEC) approved amendments to Form PF (the Amendments), the confidential reporting form required to be filed by certain SEC-registered private...more
On 15 February 2023, the Securities and Exchange Commission (SEC) announced a proposed overhaul of the custody framework for SEC-registered investment advisers (investment advisers). The proposed reforms—which would amend and...more
On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of...more
INTRODUCTION - On 26 August 2020, the U.S. Securities and Exchange Commission (the SEC) adopted amendments to Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the Securities Act), which...more
June 30 Implementation Deadlines & FINRA Proposes Rule Changes to Align with Regulation Best Interest - Introduction - On April 2, 2020, U.S. Securities and Exchange (“SEC”) Chairman Jay Clayton announced that the original...more
I. INTRODUCTION -
On December 18, 2019, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (“Securities Act”),...more
SEC ADOPTS RULES AND INTERPRETATIONS RELATED TO IA AND BD STANDARDS OF CONDUCT -
- On June 5, 2019, the SEC formally adopted four measures for the protection of retail investors.
- Regulation BI (“Best Interest”).
- Form...more
Placement agents in private securities offerings may have new obligations under SEC Regulation Best Interest (“Reg BI”) when dealing with natural persons. ...more
SEC ADOPTING RELEASES -
New Regulation Best Interest:
Title: Regulation Best Interest: The Broker-Dealer Standard of Conduct....more
OVERVIEW -
On June 5, 2019, the Securities and Exchange Commission (the “SEC”) adopted a series of new rules and interpretations designed to enhance the protection of retail investors and to improve the quality and...more
At an Open Meeting on June 5, 2019, the Securities and Exchange Commission (“SEC”) formally adopted: (1) an interpretation of an investment adviser’s fiduciary duties; and (2) an interpretation of the “solely incidental”...more
On June 5, 2019, the Securities and Exchange Commission (“SEC” or “Commission”) issued a new interpretation (“Interpretation”) of the “solely incidental” prong of Section 202(a)(11)(C) of the Investment Advisers Act of 1940,...more