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Stinson LLP

SEC Withdraws Proposed Rules Affecting Investment Advisors, Funds and Broker-Dealers

Stinson LLP on

On June 12, 2025, the Securities and Exchange Commission (SEC) withdrew 14 outstanding proposed regulations issued during the Biden Administration. These withdrawals underscore a dramatic priority shift away from regulation...more

Proskauer - Regulatory & Compliance

SEC Formally Withdraws Fourteen Rule Proposals

On June 12, 2025 the Securities and Exchange Commission (“SEC”) formally withdrew fourteen outstanding rule proposals issued by the prior administration. Although most observers doubted that the current Commission would adopt...more

Mayer Brown Free Writings + Perspectives

House Financial Services Committee Urges SEC Withdrawal of 14 Proposed and Final Rules

On March 31, 2025, the U.S. House Financial Services Committee (Committee) penned a letter to acting Securities and Exchange Commission (SEC) Chair Mark Uyeda identifying 14 proposed and final rules that, according to the...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - April 2025

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

K&L Gates LLP

United States: House Committee on Financial Services Urges the SEC to Withdraw Final and Proposed Rules

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On 31 March 2025, the House Committee on Financial Services (Committee), in a letter to Acting Chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, identified a series of proposed and adopted rules that...more

Vedder Price

SEC Provides Helpful Marketing Rule FAQ Guidance

Vedder Price on

On March 19, 2025, the Securities and Exchange Commission (“SEC”) updated its frequently asked questions (FAQs) relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Marketing Rule”). The new FAQs permit...more

Davis Wright Tremaine LLP

FINRA Proposes a Unified Rule for Outside Business Activities and Private Securities Transactions

FINRA proposes a new rule to simplify requirements in Rules 3270 and Rule 3280, aiming to reduce unnecessary burdens. The structure of Proposed FINRA Rule 3290 requires prior written notice for investment-related activity...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - October 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Goodwin

Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide

Goodwin on

In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more

Sullivan & Worcester

Are the SEC’s Private Fund Advisers Rules Now Dead? No, but they are on Life Support

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The U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) has thrown a wrench into the gears of the U.S. Securities and Exchange Commission (the “SEC”) in its attempt to regulate those investment advisers that...more

Sullivan & Worcester

2024 Investment Adviser Regulatory and Compliance Annual Letter

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In 2024, investment advisers – those registered with the U.S. Securities and Exchange Commission (SEC) and those that file notices as exempt reporting advisers - will continue to feel the impact of the SEC’s recent rule...more

Proskauer Rose LLP

A Guide to the DOL’s New Investment Advice Fiduciary Rule Proposal – What Investment Advisers and Managers Need to Know

Proskauer Rose LLP on

The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Cadwalader, Wickersham & Taft LLP

DOL Issues New Proposed Fiduciary Rule

On Tuesday, October 31, 2023, the U.S. Department of Labor (the "DOL") issued a new proposed rule pertaining to the definition of “fiduciary” under ERISA and Section 4975 of the Code. If adopted, the proposed rule would...more

Troutman Pepper Locke

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

Troutman Pepper Locke on

On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...more

Seyfarth Shaw LLP

You Can Call the DOL’s New Investment Fiduciary Rule by Another Name (“Retirement Security” Rule), but it’s Still the “Fiduciary...

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On October 31, 2023, the Department of Labor (“DOL”) issued its latest attempt at revising the rules regarding when investment professionals who provide “investment advice” to employee benefit plans or plan participants are a...more

Carlton Fields

SEC Proposal Balances AI-Like Technology Use With Investor Best Interests: Has the Regulator Picked a Winner?

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Like other savvy businesses, investment advisers and broker-dealers have increasingly embraced the use of predictive data analytics, artificial intelligence, and similar technologies (AI-like technologies) to help generate...more

Carlton Fields

Mass. High Court Plays Wild Card: Upholds Broad Fiduciary Duty for Broker-Dealers

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On August 25, 2023, the Massachusetts Supreme Judicial Court upheld the validity of a rule promulgated in 2020 by the secretary of the commonwealth that imposes a broad fiduciary duty upon securities broker-dealers and their...more

White & Case LLP

SEC Adopts Final Private Fund Adviser Rules

White & Case LLP on

New rules are expected to have substantial impact on funds industry - On August 23, 2023, the Securities and Exchange Commission ("SEC") approved significant new rules applicable to advisers of private funds (the "Private...more

Sullivan & Worcester

SEC Adopts Highly Anticipated Private Funds Rules

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The U.S. Securities and Exchange Commission (the “SEC”) last week adopted highly anticipated new rules and amendments (the “Adopted Rules”) to the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that will...more

Akerman LLP

The SEC’s Newly Adopted Rules and Rule Amendments for Private Fund Advisers

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On August 23, 2023, the Securities and Exchange Commission (the SEC) adopted new rules and rule amendments (collectively, the “Rules”) under the Investment Advisers Act of 1940, as amended (the Advisers Act) to enhance the...more

Seyfarth Shaw LLP

An Early Glimpse into the SEC’s Private Funds Advisor Rule

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The Securities and Exchange Commission (SEC) has adopted the long awaited “Private Fund Adviser Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”), and the SEC has been working with the...more

Foley Hoag LLP

Final Private Fund Adviser Rules

Foley Hoag LLP on

On August 23, 2023, the Securities and Exchange Commission (the “SEC”) approved by a 3-2 vote a final rule enacting a series of wide-sweeping changes to the regulation of the private funds industry (the “Final Rule”). While...more

DarrowEverett LLP

What SEC’s Transparency Rule Means for Investors, Advisers and Funds

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Earlier this summer, we wrote about both new and amended rules proposed by the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) regarding private funds, their advisers,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - May 2022

In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism; new SEC proposals; and the impact of Russia sanctions on disclosure obligations and...more

Mayer Brown Free Writings + Perspectives

US SEC Proposes Rules Regarding ESG for Certain Funds and Advisers

At an open meeting on May 25, 2022, the US Securities and Exchange Commission (“SEC” or “Commission”) approved two new proposals that will impact the fund and investment management industry. One of the proposals is directed...more

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