On July 22, 2025, two new bills – the Developing and Empowering Our Aspiring Leaders Act of 2025 (DEAL Act) and the Improving Capital Allocation for Newcomers Act of 2025 (ICAN Act)1 – advanced out of the US House Financial...more
8/7/2025
/ Exemptions ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
New Legislation ,
Popular ,
Private Funds ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Venture Capital
In just eight pages, the Securities and Exchange Commission (SEC) scrapped 14 proposed rules introduced between October 2020 and November 2023.1 Since taking office in April 2025, Chair Paul Atkins has struck a tone...more
On March 19, 2025, staff from the Securities and Exchange Commission (SEC staff) updated its prior guidance regarding the requirement to show net returns of an individual investment, or subset of investments, in compliance...more
In a recent enforcement action announced by the Securities and Exchange Commission (SEC), the issue of how one investment adviser can affect the exemption status of related advisers under the Investment Advisers Act of 1940...more
As most fund managers have likely heard by now, on June 5, 2024, the US Court of Appeals for the Fifth Circuit vacated the private fund adviser rules that the Securities and Exchange Commission (SEC) adopted in summer 2023,...more
If you’re starting out as a new firm and raising your first fund (or special purpose vehicle), there are a few securities laws principles that you’ll need to become familiar with. This post is intended to provide a quick...more
Just over a month ago, the Securities and Exchange Commission (SEC) adopted new rules for venture capital (VC) and other private fund advisers under the Investment Advisers Act of 1940 (Advisers Act). These new rules, which...more
There is one question that often confronts venture capital firms as they grow more successful and encounter new opportunities: Should we register with the Securities and Exchange Commission (SEC)? While there is no...more
Note: This post is not intended to be a comprehensive summary of the Safeguarding Rule. Rather, it is intended to highlight some of the key requirements for fund managers should the SEC adopt the rule, as well as immediate...more
Engaging service providers and outsourcing various functions is a normal part of running an effective business. From the newest emerging managers to the most established ones, venture capital firms and private fund shops...more
By now, registered investment advisers (RIAs) know that this is their last week to ensure they come into compliance with the “new” marketing rule under the Investment Advisers Act of 1940. While the Securities and Exchange...more