News & Analysis as of

Investment Company Act of 1940 Broker-Dealer Securities Regulation

Eversheds Sutherland (US) LLP

Amendments to FINRA Rules 5130 and 5131 allow non-traded and Private BDCs to participate in IPOs

On July 23, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) adopted amendments exempting business development companies (BDCs) from FINRA Rule 5130 (Rule 5130) (Restrictions on the Purchase and Sale of Initial...more

Seward & Kissel LLP

SEC Withdraws 14 Proposed Rules Impacting Investment Advisers, Investment Companies and Broker-Dealers

Seward & Kissel LLP on

June 18, 2025 On June 12, 2025, various divisions within the Securities and Exchange Commission (“SEC”) formally withdrew a number of pending proposed rules which would have affected investment advisers, investment companies,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – May 2025

Key Points - - The SEC’s Crypto Task Force acknowledges past hostility toward digital assets and aims to create more sensible regulations. - Tokenized securities face complex regulatory challenges, including compliance...more

Mayer Brown Free Writings + Perspectives

SEC Crypto Task Force Holds Roundtable on Crypto Custody

On March 25, 2025, the Securities and Exchange Commission (“SEC”) held a Crypto Task Force roundtable to explore regulatory considerations surrounding custody of crypto assets through broker-dealers and other financial...more

Goodwin

SEC Adopts New Regulatory Framework For Registered Fund Derivative Investments

Goodwin on

On October 28, the Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”) and amended related rules designed to provide a modernized,...more

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