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Morrison & Foerster LLP

SEC Permits In-Kind Creations and Redemptions for Crypto ETPs

On July 29, 2025, the Securities and Exchange Commission (SEC) signaled a significant policy shift, approving orders that permit in-kind creations and redemptions for crypto asset exchange-traded products (ETPs). This marks a...more

A&O Shearman

FCA publishes final rules for firms operating public offer platforms

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The UK Financial Conduct Authority (FCA) has published final policy statement PS25/10, setting out the final rules for the new public offer platforms (POP) regime. This follows consultations in July 2024 and January of this...more

Miles & Stockbridge P.C.

New SBA Rule Should Increase 8(a), WOSB and SDVOSB Contractors’ Access to Outside Capital

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The Small Business Administration (SBA) published earlier this month one of the most significant rule changes in recent history. We previously addressed the new M&A and long-term recertification rules....more

Rumberger | Kirk

FINRA Reminds Financial Firms How AI Use Poses Significant Risks

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These days, artificial intelligence is everywhere we look, and the financial services industry is no different. As AI use increases, regulatory bodies are updating their rules and guidelines detailing how companies should and...more

White & Case LLP

Sukuk markets keep close eye on standards review

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The sukuk market is keeping a close watch on a proposed set of Sharia guidelines that could significantly change how sukuk instruments are structured and distributed - The Bahrain-based Accounting and Auditing Organization...more

Moore & Van Allen PLLC

EU Listing Act Improves Capital Markets Access for SMEs

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On November 14, 2024, the EU Listing Act (the “Act”) was published in the Official Journal of the European Union. The Act entails a legislative package designed to improve capital markets access and reduce disclosure...more

Snell & Wilmer

SEC Division of Examinations Priorities for 2025: Examinations Will Prioritize New Rules for Form PF and Regulation S-P, Fiduciary...

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On October 21, 2024, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) issued its annual examination priorities for fiscal year 2025. As with its 2024 examination...more

Cadwalader, Wickersham & Taft LLP

The New UK Securitisation Rules : A Practical Overview and Comparison

On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more

Mintz - Privacy & Cybersecurity Viewpoints

SEC Issues New Statement on Cybersecurity Incident Disclosure

Last week, Erik Gerding, Director of the SEC’s Division of Corporation Finance (the Division), issued a statement providing clarification regarding the disclosure of cybersecurity incidents by reporting companies. This...more

Moore & Van Allen PLLC

Balancing Supervision in a Virtual Environment: Key Points of FINRA’s New Voluntary Remote Inspections Pilot Rule

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Securities regulators have long been concerned with the potential regulatory risks associated with geographically dispersed broker-dealer offices, citing the observation that the distance of these offices from compliance and...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (30): The One-Time Recommendation Definition

The DOL’s fiduciary regulation and the amended Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will be effective on September 23 of this year. However, some of the requirements (called “conditions”) of PTEs...more

Seward & Kissel LLP

SEC Releases Materials on T+1 Settlement Cycle Adoption in Advance of May Compliance Date

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Who may be interested: Registered-Investment Companies; Investment Advisers; Broker-Dealers - Quick Take: In May 2023, the SEC adopted several Rules and Rule amendments which, among other things, shorten the standard...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance (Updated)

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On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Revised Dealer Rules

On February 6, 2024, the Securities and Exchange Commission (“SEC”) in a 3-2 vote adopted new Rules 3a5‑4 and 3a44‑2 (the “Dealer Rules”) that expand the definition of a “dealer” and a “government securities dealer” under the...more

McAfee & Taft

SEC cracks down on private fund side letters

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The side letter has been a particularly effective tool in the private fund industry, with funds and investors entering into strategic arrangements to provide more favorable terms than those given to other investors in...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (4): A Relationship of Trust and Confidence

The Department of Labor’s proposed fiduciary “package” includes a new definition of nondiscretionary fiduciary investment advice. In overturning the Obama-era fiduciary regulation, the 5th Circuit Court of Appeals said...more

Baker Donelson

Show Your Work: The SEC Cyber Rules and Documenting Materiality Analysis Under NIST FIPS 199

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The date July 26, 2023, marks the latest evolution of the cybersecurity regulation landscape as the Securities and Exchange Commission passed cybersecurity regulations for publicly traded companies. At the open meeting, SEC...more

DarrowEverett LLP

How SEC’s Private Fund Rules Will Affect Use of Side Letters

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Recent client alerts have provided an overview of the new “private fund rules” adopted in late August by the U.S. Securities and Exchange Commission (SEC). These rules apply, subject to limited exceptions and carveouts, to...more

Hinshaw & Culbertson LLP

SEC Changes the Game for Private Fund Advisers – Summarizing the New "Restricted Activities Rule" and the "Preferential Treatment...

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In early 2022, the Securities and Exchange Commission (SEC) proposed a series of new rules and rule amendments aimed primarily at increasing transparency and protecting investors in private fund transactions. This August, the...more

Robinson Bradshaw

New SEC Rules Regarding Preferential Treatment for Investors in Private Funds

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On August 23, the United States Securities and Exchange Commission (the “SEC,” or the “Commission”) adopted rules and rule amendments (the “PFA Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that...more

Kilpatrick

Overview of New Private Fund Rules' Scope and Compliance Dates

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The SEC recently adopted new rules (the “Private Fund Rules”) that will require additional reporting requirements and impose restrictions on certain activities of investment advisers to private funds (“Private Funds”). While...more

Troutman Pepper Locke

SBA’s New Rules and Policies to Strengthen and Diversify Its SBIC Program

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A small business investment company (SBIC) is a privately owned and operated investment fund that makes long-term investments in American small businesses and is licensed by the U.S. Small Business Administration (SBA). SBICs...more

Stark & Stark

[Event] RIA Compliance and Legal Strategies Conference - November 9th, Hamilton, NJ

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The RIA Compliance and Legal Strategies Conference is an essential event for registered investment advisors to gain a valuable understanding of current regulatory and compliance-related issues. Attendees will earn 4 CFP CE...more

Wilson Sonsini Goodrich & Rosati

SEC Adopts Significant Rule Changes for Private Fund Advisers

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted or amended rules under the Investment Advisers Act of 1940 (Advisers Act) that impose significant new obligations on advisers to private...more

Eversheds Sutherland (US) LLP

SEC adopts sweeping new private fund adviser rules and amendment to compliance rule

On August 23, 2023, a divided Securities and Exchange Commission (SEC) adopted far-reaching new rules and rule amendments under the Investment Advisers Act of 1940, as amended (Advisers Act). While the final rules are not as...more

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