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Private Investment Funds Securities Regulation

Proskauer Rose LLP

SEC Eases Verification Burdens in Rule 506(c) Offerings

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The SEC’s Division of Corporation Finance recently issued an interpretive letter providing additional insight as to what constitutes “reasonable steps” to verify an investor’s accredited investor status under Rule 506(c) of...more

Morgan Lewis

New SEC Guidance Eases Burden in Rule 506(c) Accredited Investor Verification Requirements

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SEC staff issued no-action guidance on Rule 506(c) of Regulation D private securities offerings on March 12, 2025, which should provide issuers with an easier path to rely on Rule 506(c) and solicit and advertise their...more

Winstead PC

Trusts as Accredited Investors: Navigating Trusts and Private Market Investments

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Investments in private markets are rapidly becoming an essential part of a well-rounded investment portfolio, especially for ultra-high-net-worth individuals and families. According to Ernst & Young, the assets under...more

Foley & Lardner LLP

SEC Enforcement Action – Failure to File Forms D

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Share on Twitter Print Share by Email Share Back to top On December 20, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it settled charges issued against one registered investment adviser and two...more

Latham & Watkins LLP

SEC Adopts Significant Rule Changes for Private Fund Advisers

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On August 23, 2023, the Securities and Exchange Commission (SEC) adopted a final rule package (each a Rule, and together, the Rules) that modifies the regulation of private fund advisers under the US Investment Advisers Act...more

Carlton Fields

OCIE Turns Up Heat on Private Fund Adviser Compliance

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On June 23, the SEC’s Office of Compliance Inspections and Examinations issued a risk alert providing an overview of certain compliance deficiencies observed in examinations of registered investment advisers managing private...more

Farrell Fritz, P.C.

Private Market Investing Not Just for the Wealthy Anymore?

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The Securities Exchange Commission expanded the definition of “accredited investor” by adding new categories of investors that have sufficient investment knowledge and expertise to participate in private investment...more

Troutman Pepper Locke

SEC Proposes to Amend Advertising and Client Solicitation Rules

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In November 2019, the Securities and Exchange Commission released proposed amendments to Rule 206(4)-1 (Advertising Rule) under the Investment Advisers Act of 1940 (Advisers Act). The Advertising Rule was first adopted in...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Enters Election Year Focused on Key Initiatives

As Chairman Jay Clayton’s tenure at the Securities and Exchange Commission (SEC) likely enters its final year — regardless of the outcome of the next presidential election — the SEC remains focused on priorities such as...more

K&L Gates LLP

South Carolina’s New Private Fund Adviser Exemption — A Boost for an Emerging Industry

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On September 6, 2019, the Securities Division of South Carolina’s Office of the Attorney General issued an order providing an exemption from the state investment adviser registration requirements for advisers that provide...more

Miller Canfield

Michigan's Securities Regulator Issues New Rules, Including a New Private Fund Adviser Registration Exemption

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The Corporations, Securities, & Commercial Licensing Bureau of the Michigan Department of Licensing and Regulatory Affairs ("the Bureau") has issued new Securities Rules interpreting and enforcing the Michigan Uniform...more

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