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Investment Funds Securities and Exchange Commission (SEC)

Ropes & Gray LLP

Planning to Take Advantage of Executive Order on Alternatives in 401(k)s: Five Key Takeaways and Five Action Items for Managers

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On August 7, 2025, President Trump issued a long-rumored executive order (the “Order”) that calls for expanded access to private equity and other alternative investments for 401(k) plans and their participants. The Order...more

K&L Gates LLP

United States: In Cash or In-Kind—SEC Approves Options for Creations and Redemptions of Crypto ETP Shares

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On 29 July 2025, the US Securities and Exchange Commission (SEC) issued an order approving proposed rule changes to permit various exchange-traded products (ETPs) to engage in creations and redemptions of their shares with...more

Goodwin

Trump Administration’s Executive Order to Facilitate Availability of Alternative Assets in Defined Contribution Plans: What Does...

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On August 7, 2025, the Trump Administration issued a long-awaited executive order (the “Executive Order”) to encourage sponsors of 401(k) and other participant-directed defined-contribution plans that are governed by the...more

Lowenstein Sandler LLP

Democratization of VC funds

At least once or twice per year, a prospective client will call with the greatest new idea—launch a venture fund for everyone. Open up potential fundraising by appealing to moderate-income people. Why hasn’t anyone thought of...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions, July 2025

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Recent SEC Administration Changes - SEC Names Brian Daly as Director of the Division of Investment Management - On June 10, 2025, the Securities and Exchange Commission (the “SEC”) announced that Natasha Vij Greiner,...more

Robinson Bradshaw

SEC Guidance Increases Opportunity for 506(c) Offerings by Fund Sponsors

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On March 12, 2025, the Securities and Exchange Commission (SEC) issued a No-Action Letter (NAL) that clarified and expanded the definition of “reasonable steps” an issuer must take when making an offering under Rule 506(c)....more

Fenwick & West LLP

SEC Division of Corporation Finance Issues Statement on Crypto Asset Exchange-Traded Products

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On July 1, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement regarding Crypto Asset Exchange-Traded Products (crypto asset ETPs). Crypto asset ETPs are investment products that are listed and traded...more

Ropes & Gray LLP

District Court Strikes Down $40 Million Settlement Agreement in Target Date Funds Case Based on Parallel SEC Settlement

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On May 19, 2025, the United States District Court for the Eastern District of Pennsylvania (the “Court”) denied final approval of a $40 million proposed settlement in a major class action lawsuit against The Vanguard Group,...more

DarrowEverett LLP

SEC Could Broaden Path to Private Equity Fund of Funds Investment

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Since the enactment of the Investment Company Act 85 years ago, the asset management industry has grown from $2 billion in assets to more than $39 trillion in assets. Under existing Securities and Exchange Commission (“SEC”)...more

Paul Hastings LLP

Some Sunshine for Crypto Investment Products: SEC Issues First Comprehensive Disclosure Guidance for Crypto ETPs

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In another step toward regulatory clarity for crypto investment products, the SEC Division of Corporate Finance staff has issued detailed disclosure guidance on how crypto exchange-traded products (ETPs) should navigate...more

Secretariat

Reflections on Initial SEC Policy Changes Early in the Atkins Era

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Since Paul Atkins became Chairman of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, the SEC has announced significant pivots in its approaches to enforcement, regulatory guidance, investment adviser...more

Foley & Lardner LLP

SEC and CFTC Extend Form PF Compliance Date Again

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On June 11, 2025 the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) again extended the compliance date for the most recent Form PF amendments, providing a near four-month reprieve for...more

Eversheds Sutherland (US) LLP

SEC raises ceiling on closed-end funds’ investments in private funds

Recent policy initiatives and remarks from leaders of the US Securities and Exchange Commission (SEC) have created a changing landscape for retail access to the private markets. At a recent conference hosted by the Practising...more

Mayer Brown Free Writings + Perspectives

SEC Statement on Disclosure Best Practices for Crypto Asset ETFs

On July 1, 2025, the staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of statements regarding crypto assets. This particular statement, titled...more

Stinson LLP

SEC Withdraws Proposed Rules Affecting Investment Advisors, Funds and Broker-Dealers

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On June 12, 2025, the Securities and Exchange Commission (SEC) withdrew 14 outstanding proposed regulations issued during the Biden Administration. These withdrawals underscore a dramatic priority shift away from regulation...more

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

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On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update April – June 2025

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Since our prior IM Update, in separate Alerts, we covered (i) the SEC’s decision to remove from its regulatory agenda proposed rulemakings relevant to the investment management industry, (ii) Ropes & Gray’s updated and...more

Woodruff Sawyer

Expanding Retail Investor Access to Private Funds: A Spider-Man Problem

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Private funds could be facing a Spider-Man problem. Let me explain. Because he was bitten by a radioactive spider, Spider-Man has superpowers. He can jump really high. He can shoot webs from his hands. When his...more

Latham & Watkins LLP

SEC Withdraws Proposed Rule on ESG Disclosures for Investment Advisers and Investment Companies

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The withdrawal aligns with the SEC’s “back to basics” approach, but it does not preclude scrutiny of ESG in asset managers’ strategies, marketing, and fund documentation....more

Proskauer - Regulatory & Compliance

From Wall Street to Main Street: Investor Advocate Puts Private Funds on the 401(k) Horizon

On June 25, 2025, the SEC’s Office of the Investor Advocate (OIAD) released its annual report to Congress on its policy priorities for fiscal year 2026. The office was established by Congress to focus on retail investor...more

Ropes & Gray LLP

Overview of ETF Share Class Operational Issues

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One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. It appears that Funds may obtain the Relief necessary to offer these Share Classes in the...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 39

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

K&L Gates LLP

United States: The Great SEC Spring Clean Up–14 Proposals Wiped Away

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Spring is a time of renewal, and the US Securities and Exchange Commission (SEC)–under its new chairman, Paul Atkins–has shown that. On 12 June 2025, the SEC withdrew 14 proposed rules impacting funds and asset managers,...more

Alston & Bird

SEC Withdraws Multiple Rule Proposals Affecting Investment Advisers

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The Securities and Exchange Commission (SEC) has retracted 14 rule proposals issued in 2022 and 2023. Our Investment Funds Team examines what the SEC’s withdrawal means for investment advisers going forward....more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

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On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

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