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Investment Securities and Exchange Commission (SEC) Investment Funds

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

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

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for April 2025

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. For the month when Paul Atkins was sworn in as SEC Chairman, we examine: • The SEC’s...more

Mayer Brown Free Writings + Perspectives

The SEC Spoke:  Private Fund Changes Coming

At yesterday's Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics.  Chair Atkins touched on innovation at the SEC, FinHub and...more

Troutman Pepper Locke

FUNDamentals Market Update – What’s Happening In Today’s Market?

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“The most recent development in the registered investment funds space has been the long-awaited movement toward the SEC granting dual share class ETF exemptive relief. This will be a significant catalyst for growth in...more

Carlton Fields

Expect Focus - Volume II, May 2025

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Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty - The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more

Mayer Brown Free Writings + Perspectives

Growth of Permanent Capital Vehicles Expected to Accelerate

In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has increased significantly.  According to a report from the Loan Syndications and Trading Association (LSTA) detailing...more

Seward & Kissel LLP

SEC Easing Conditions for Co-Investment Relief for BDCs and Closed-End Funds

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On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice of proposed exemptive relief to FS Credit Opportunities Corp. and its affiliates (Applicants), introducing more flexible co-investment...more

Eversheds Sutherland (US) LLP

SEC Staff eases Rule 506(c) verification with high-minimum investment approach

On March 12, 2025, the Securities and Exchange Commission issued a significant No-Action Letter, providing clarity on how issuers can satisfy the “reasonable steps” requirement for verifying accredited investor status in Rule...more

Alston & Bird

SEC Streamlines Process for Verifying Accredited Investor Status for Certain 506(c) Offerings Based on Minimum Investment...

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Our Investment Funds Team reviews new Securities and Exchange Commission (SEC) guidance that allows certain issuers to simplify the subscription process for 506(c) offerings....more

Proskauer Rose LLP

SEC Multi-Class Exemptive Relief for Privately Offered BDCs and Closed-End Funds

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On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a notice on Ares Core Infrastructure Fund’s (“Ares”) application for multi-class exemptive relief (the “Private Placement Multi-Class Relief”). The...more

Foley & Lardner LLP

No Action Letter – Regulation D Rule 506(c)

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The SEC now permits public marketing of private placements, without burdensome investor wealth verification requirements, if the investment is big enough. On March 12, 2025, the U.S. Securities and Exchange Commission (SEC)...more

Ropes & Gray LLP

SEC Defers Names Rule Compliance Date; Permits Rolling Compliance for Existing Funds

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On March 14, 2025, the SEC issued a release (the “Release”) that (i) for new funds, defers by six months the compliance date for amendments to Rule 35d-1 under the 1940 Act (the “Names Rule”) (described in a Ropes & Gray...more

Cooley LLP

Corp Fin Issues “Verification of Accredited Investor Status” Guidance

Cooley LLP on

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

Latham & Watkins LLP

FAQs on the Latham Letter for Exempt Offerings with General Solicitation Under Rule 506(c)

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On March 12, 2025, Latham obtained SEC Staff guidance on the use of general solicitation in private placements. The guidance unlocks the full potential of Regulation D Rule 506(c) by clarifying that issuers may satisfy the...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

Carlton Fields

SEC Action Builds Pressure for ETFs in Variable Contracts

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On October 31, 2024, the SEC censured a major wirehouse for selling mutual funds to customers when lower-priced exchange-traded fund (ETF) “clones” of those funds were available. The SEC found that when recommending the...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

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

Carlton Fields

Mutual Funds vs. Collective Investment Fund: Equal Investor Protection on the Horizon?

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For more than a year, SEC Chair Gary Gensler has, in some public forums, been mentioning concerns about gaps in the regulation of collective investment funds (CIFs), as compared to that of registered open-end investment...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

Carbon Quarterly – Volume 8

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Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

KPMG Board Leadership Center (BLC)

Climate in context: Geopolitics, business, and the board

In this collaboration between the KPMG Board Leadership Center (BLC) and Eurasia Group, our aim is to help widen the boardroom aperture on the global climate challenge—where it stands, and what’s at stake—and to help boards...more

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