Popular, Securities and Exchange Commission (SEC), Investment Advisers Act of 1940

Are Secondaries and Fund of Funds Investments on the Horizon for Venture Capital Fund Managers?

Cooley LLP on 8/7/2025

On July 22, 2025, two new bills – the Developing and Empowering Our Aspiring Leaders Act of 2025 (DEAL Act) and the Improving Capital Allocation for Newcomers Act of 2025 (ICAN Act)1 – advanced out of the US House Financial...more

SEC Targets Investment Advisers for Misstatements and Compliance Failures

Latham & Watkins LLP on 12/4/2024

Three recent enforcement actions highlight the risks of failing to adhere to representations made to investors regarding ESG and biblically responsible investing strategies....more

2025 SEC Exam Priorities for Investment Advisers and Registered Investment Companies

Goodwin on 11/5/2024

On October 21, the Securities and Exchange Commission’s (SEC’s) Division of Examinations (Division) released its examination priorities for 2025, outlining the key topics the Division plans to focus on in the upcoming fiscal...more

Implementing FinCEN Final Rule Imposing Anti-Money Laundering Requirements On Investment Advisers

K2 Integrity on 10/24/2024

On 28 August 2024, the Financial Crimes Enforcement Network (FinCEN) issued its Final Rulemaking to include certain investment advisers in the definition of a “financial institution” under the Bank Secrecy Act (BSA). The...more

SEC Settles Against Nine Investment Advisers for Marketing Rule Violations, Underscoring the Continued Priority of Marketing Rule...

Lowenstein Sandler LLP on 10/17/2024

On September 9, the U.S. Securities and Exchange Commission (SEC) announced another series of settlements with registered investment advisers for violations of Rule 206(4)-1, as amended (Marketing Rule), under the Investment...more

Weekly Blockchain Blog - September 2024 #2

BakerHostetler on 9/16/2024

According to recent reports, two U.S. multinational financial technology companies have integrated Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, into their payment platforms....more

Fintech in Brief: Recent SEC Enforcement Activity on the Custody Rule: Clues for the Focus of Anticipated Rules on Safekeeping...

Wilson Sonsini Goodrich & Rosati on 9/12/2024

The U.S. Securities and Exchange Commission (SEC) has announced two settled charges involving alleged violations of Rule 206(4)-2 under the Investment Advisers Act of 1940 (Advisers Act), known as the “Custody Rule.” These...more

Another Wave of SEC Settlements Underscore the Continued Priority of Record Retention Communication Compliance

Lowenstein Sandler LLP on 9/9/2024

On August 14, 2024, the U.S. Securities and Exchange Commission (SEC) announced another series of settlements regarding “off-channel communications.”1 As part of its Off-Channel Communications Initiative,2 the SEC settled...more

SEC Continues Focus on Off-Channel Communications

White & Case LLP on 8/29/2024

On August 14, the U.S. Securities and Exchange Commission (“SEC”) announced yet another wave of enforcement actions related to widespread “off-channel communications,” charging an additional 26 firms with failing to maintain...more

Request for Comments on FinCEN and SEC rule on CIP

King & Spalding on 5/24/2024

The SEC and FinCEN Request Comments on their Proposed Rule on Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers - The Securities and Exchange Commission (“SEC”) and the...more

SEC Narrows Internet Adviser Registration Rule

BCLP on 4/1/2024

On March 27, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to narrow its rule permitting certain internet investment advisers to register with the SEC (the “internet adviser exemption”). ...more

FinCEN’s Proposed Rule to Regulate Investment Advisers: The Questions Industry Should Be Following

Pillsbury Winthrop Shaw Pittman LLP on 3/15/2024

FinCEN is focused on customer due diligence, and both the 2024 Investment Adviser Risk Assessment and proposed rule indicate that investment advisers will be expected to assess customer identity, business model, and sources...more

Private Investment Funds: Assess Your Structures and Prepare for Corporate Transparency Act Compliance

Dinsmore & Shohl LLP on 12/29/2023

Beginning January 1, 2024, companies created or registered in the United States will have to report information about their ownership to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of...more

Investment Management Update - November 2023

Skadden, Arps, Slate, Meagher & Flom LLP on 11/16/2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

The SEC Publishes 2024 Examination Priorities Ahead of Schedule, Previewing Key Areas of Focus for Registered Entities

K&L Gates LLP on 11/3/2023

On 16 October 2023, the Division of Examinations (Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year (the Report). The Division released this Report...more

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

Morrison & Foerster LLP on 7/6/2023

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Nutter Securities Enforcement Update: June 1, 2023

Nutter McClennen & Fish LLP on 6/23/2023

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

The Trend Continues: Increased Regulatory Focus on Privacy & Cybersecurity for Private Funds

Proskauer - The Capital Commitment on 5/23/2023

Recent enforcement actions highlight the increased regulatory scrutiny that private funds may face with respect to internal cybersecurity protocols and responses to cyber-crimes and cyber incidents under new and updated...more

SEC Staff Raises the Bar for Broker-Dealers Under Regulation Best Interest

Skadden, Arps, Slate, Meagher & Flom LLP on 5/2/2023

On April 20, 2023, the Securities and Exchange Commission (SEC) released a Staff Bulletin (Bulletin) on the care obligations for broker-dealers and investment advisors, pursuant to Regulation Best Interest (Reg BI) and the...more

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on 2/17/2023

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Information…or Advice? SEC Regulation of “Information Providers” May Expand to Include Providers of Innovative Investment...

Wilson Sonsini Goodrich & Rosati on 11/29/2022

In its recent Request for Comment on Certain Information Providers Acting as Investment Advisers (the Request for Comment), the U.S. Securities and Exchange Commission (SEC) asks whether innovative investment indices, model...more

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