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SEC Chairman Paul Atkins to Urge SEC to Rethink Private Fund 15% Threshold

On May 19, 2025, the Securities and Exchange Commission’s (the “SEC”) Chairman Paul Atkins delivered prepared remarks before the SEC Speaks Conference hosted by the Practicing Law Institute (PLI). In his remarks, Atkins...more

Update: SEC Approves Additional Flexibility for Co-Investment Relief for BDCs and Closed-End Funds that Previously Obtained...

On April 29, 2025, the U.S. Securities and Exchange Commission ("SEC") issued an order granting Franklin Square's ("FS") exemptive relief application (the "FS Application") permitting certain business development companies...more

SEC Set to Approve More Flexible Co-Investment Relief for BDCs and Closed-End Funds

On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice indicating its intent to grant Franklin Square’s (“FS”) exemptive relief application (the “FS Application”) permitting certain business...more

SEC Multi-Class Exemptive Relief for Privately Offered BDCs and Closed-End Funds

On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a notice on Ares Core Infrastructure Fund’s (“Ares”) application for multi-class exemptive relief (the “Private Placement Multi-Class Relief”). The...more

SEC Acting Chair Remarks on Private Capital-Raising and Retail Access to Private Companies

In recent remarks at the Florida Bar's 41st Annual Federal Securities Institute and M&A Conference on February 24, 2025, SEC Acting Chair Mark Uyeda outlined his agenda for what he called a "return to normalcy" at the SEC. If...more

SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs

On January 10, 2024, the Securities and Exchange Commission (“SEC”) issued an order approving the applications of 11 different spot Bitcoin exchange‑traded products (the “Approved ETPs”) to each list and trade their shares on...more

2024 SEC Examination Priorities –Takeaways for Registered Fund and BDC Managers

On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").[1] Unlike in previous years when the...more

Quant Firm Applies to Issue ETF Share Classes in Mutual Funds

Dimensional Fund Advisors LP ("Dimensional"), a quantitative investment firm, recently filed an application for exemptive relief ("Application") with the Securities and Exchange Commission ("SEC"), seeking permission to offer...more

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