News & Analysis as of

Investment Funds Securities and Exchange Commission (SEC) Investors

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

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

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

Another Step towards True Retail Access to Private Equity: Secondaries Market Perspective

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Many secondaries players began 2025 with the anticipation that the new presidential administration might further liberalize rules around access to private equity markets. SEC Chairman Paul S. Atkins and Division of Investment...more

Stoel Rives LLP

Transition to EDGAR Next—What You Need to Know

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As a result of amendments adopted by the SEC in 2024, the SEC’s EDGAR electronic filing system is being replaced with a new “EDGAR Next” dashboard. All existing SEC filers will need to transition to EDGAR Next before...more

Vedder Price

SEC Staff No-Action Letter Allows Issuers to Rely on High Minimum Investment Amounts to Verify Purchasers in Rule 506(c) Offerings

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On March 12, 2025, the staff of the Securities and Exchange Commission (“SEC”) issued no-action guidance providing that certain minimum investment amounts, along with certain written representations from the purchaser, could...more

Paul Hastings LLP

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

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On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of...more

Cooley LLP

Corp Fin Issues “Verification of Accredited Investor Status” Guidance

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Last week, Corp Fin issued guidance about how to verify accredited investors in two different forms. It issued two CDIs on the topic, as well as a no-action letter that goes into more detail. [As noted in this blog by...more

DLA Piper

SEC Permits Rule 506(c) Accredited Investor Verification with Self-Certification

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The US Securities and Exchange Commission (SEC) has published no-action guidance providing clarity to issuers relying on Rule 506(c) of Regulation D – an exempt offering pathway that permits issuers to publicly advertise an...more

Akin Gump Strauss Hauer & Feld LLP

Corp Fin Breathes New Life into 506(c)

On March 12, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter providing a new safe harbor for Rule 506(c) offerings, which may enable broader public outreach and...more

Proskauer - Regulatory & Compliance

FCA’s Private Market Valuations Review – Good Practice but Room for Improvement

On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”).  The Review covered a firms operating...more

Proskauer Rose LLP

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

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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

K&L Gates LLP

Asset Management Regulatory Year in Review 2024

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2024 was a year of meaningful regulatory change for asset managers globally. The regulatory activity was wide ranging and without a particular unifying theme. In fact, the wide, and in cases diverging focuses of key global...more

Mayer Brown Free Writings + Perspectives

Managed Funds Association Publishes Letter to SEC Acting Chair Mark Uyeda

The Managed Funds Association (“MFA”) published a letter dated January 20, 2025, to Acting Chair Mark T. Uyeda of the US Securities and Exchange Commission, outlining several policy recommendations for the SEC’s...more

Paul Hastings LLP

ILPA Releases New Reporting and Performance Templates

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On January 22, the Institutional Limited Partners Association (ILPA) released an update to its 2016 Reporting Template and unveiled a new Performance Template. Together, the goal of these documents is to enhance and...more

Faegre Drinker Biddle & Reath LLP

SEC Staff Publish First FAQs for Amended Names Rule

The staff of the SEC’s Division of Investment Management (the Staff) has published FAQs regarding amended Rule 35d-1 under the Investment Company Act of 1940 (the Amended Names Rule). The new FAQs, published on January 8,...more

Morgan Lewis

SEC Staff Issues Names Rule FAQs

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The Staff of the US Securities and Exchange Commission has issued FAQs regarding recent amendments to Rule 35d-1 (often referred to as the Names Rule) under the Investment Company Act of 1940. The amendments to the Names...more

DLA Piper

Institutional Investor Newsletter: 2024 End-of-Year Roundup

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A recent trend in continuation vehicles involves traditional private equity sponsors serving as the “lead investor” in lieu of, or in addition to, more traditional secondary buyers and institutional investors. This expansion...more

K&L Gates LLP

Navigating US Regulatory and Tax Issues—A Primer for Singapore Managers Marketing Private Funds in the United States

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As the United States remains a leading source of global private equity (PE), real estate (PERE) and venture (VC) capital, many Singapore-based managers are increasingly seeking to market their funds to US investors. While...more

Mayer Brown Free Writings + Perspectives

Qualifying Venture Capital Funds Inflation Adjustment

The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section...more

Alston & Bird

SEC Does Not Appeal Fifth Circuit’s Overturn of SEC Private Funds Rules

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Our Investment Funds Team examines why the Securities and Exchange Commission is passing on the opportunity to appeal the Fifth Circuit’s ruling to vacate the Private Funds Rules....more

Proskauer Rose LLP

Proskauer's Hedge Start: What Key Exemptions Apply to Hedge Funds?

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We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more

Mayer Brown Free Writings + Perspectives

Emerging Trends in Asset Management

Speaking at the recent conference on Emerging Trends in Asset Management hosted by the SEC’s Division of Investment Management, the Director the Division of Investment Management Natasha Vij Greiner cited a number of...more

K&L Gates LLP

SEC and CFTC Adopt Amendments to Form PF for Increased Disclosure

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Brief Overview - On 8 February 2024, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF (the Amendments), the confidential reporting form...more

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