FUNDamentals is a periodic digest of news and information specifically for private funds and their managers. In this issue, we highlight some fundraising trends, new marketing rule FAQs, fund liquidity trends (limited...more
6/17/2025
/ Federal Budget ,
Financial Markets ,
Financial Services Industry ,
Fund Managers ,
Investment ,
Investment Funds ,
Investment Management ,
Limited Partnerships ,
Liquidity ,
Private Equity ,
Private Equity Funds ,
Proposed Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Trump Administration
Explore the latest legal developments and regulatory updates impacting funds, advisers, and industry participants, including SEC rule amendments, compliance extensions, and guidance on accredited investor verification....more
The Securities and Exchange Commission (SEC) has issued a no-action letter providing new interpretive guidance on the verification of accredited investor status in offerings conducted under Rule 506(c) of Regulation D, which...more
3/13/2025
/ Accredited Investors ,
Capital Markets ,
Capital Raising ,
Investment Funds ,
JOBS Act ,
No-Action Letters ,
Private Equity ,
Private Funds ,
Regulation D ,
Rule 506(c) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On August 28, the U.S. Securities and Exchange Commission (SEC) adopted amendments to certain registered investment companies (funds) reporting requirements. The SEC originally proposed the amendments on November 2, 2022....more
This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended June 30.
Rulemaking and Guidance:
• SEC Issues Third Marketing Rule Risk Alert for...more
On September 4, the Securities and Exchange Commission (SEC) issued an order against three investment adviser firms for violating the whistleblower protections of Rule 21F-17(a) under the Securities Exchange Act of 1934. This...more
On July 22, 2024, the Securities and Exchange Commission (SEC) declared nine registration statements effective under the Securities Act of 1933 for spot Ether ETFs, clearing the way for the ETFs to begin trading on July 23....more
7/25/2024
/ Bitcoin ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
ETFs ,
Ether ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investors ,
Listing Standards ,
Regulatory Agenda ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended March 31.
Rulemaking and Guidance:
• SEC Adopts Reforms Relating to Investment Advisers...more
5/10/2024
/ AML/CFT ,
Anti-Money Laundering ,
Financial Crimes ,
FinCEN ,
Investment Adviser ,
Investment Management ,
New Guidance ,
New Rules ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
SRO ,
Suspicious Activity Reports (SARs)
On February 9, the Securities and Exchange Commission (SEC) announced settlements with 16 firms relating to record-keeping violations stemming from off-channel communications totaling $81 million. The 16 firms were five...more
2/15/2024
/ Broker-Dealer ,
Electronic Communications ,
Enforcement Actions ,
Instant Messaging Apps ,
Investment Adviser ,
Recordkeeping Requirements ,
Regular Business Communications ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Text Messages
On January 19, 2024, the Division of Investment Management staff at the Securities and Exchange Commission (SEC), released several responses to frequently asked questions (FAQs) related to the adoption of rules and form...more
1/25/2024
/ Division of Investment Management ,
EFTs ,
Investment Company Act of 1940 ,
Investment Management ,
Investors ,
Mutual Funds ,
New Guidance ,
Open-Ended Fund Companies (OFCs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholder Proposals ,
Shareholders ,
XBRL Filing Requirements
On May 3, the U.S. Securities and Exchange Commission (SEC) adopted significant amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The final amendments will...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended....more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
In December 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended. Those finalized amendments merged the...more
On October 26, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the existing disclosure framework for open-end funds (e.g., mutual funds and exchange-traded funds) intended to represent a comprehensive...more
In two separate May 25 releases, the U.S. Securities and Exchange Commission (SEC) proposed amendments to (1) Rule 35d-1 (the Names Rule) under the Investment Company Act of 1940 (Investment Company Act) and (2) rules and...more
Covering legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended March 31, 2022.
...more
Covering legal developments and regulatory news for funds, their advisers, and industry participants for the period July 2021 through December 2021.
...more
Covering legal developments and regulatory news for funds, their advisers, and industry participants through June 2021.
...more
The Office of the Chief Accountant of the SEC’s Division of Investment Management periodically issues “Dear Chief Financial Officer” letters to help registered investment companies, business development companies (BDCs), and...more
Just before we said goodbye to 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended (Advisers Act). The SEC...more
On February 26, the SEC Division of Examinations (Division) (formerly the Office of Compliance Inspections and Examinations) issued a Risk Alert (Alert) relating to the offer, sale, and trading of digital assets that are...more