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K&L Gates LLP

United States: In Cash or In-Kind—SEC Approves Options for Creations and Redemptions of Crypto ETP Shares

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On 29 July 2025, the US Securities and Exchange Commission (SEC) issued an order approving proposed rule changes to permit various exchange-traded products (ETPs) to engage in creations and redemptions of their shares with...more

Hogan Lovells

SBIC Program updates: SBA proposes regulatory amendments related to SBIC Program

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On July 7, 2025, the U.S. Small Business Administration (SBA) issued a notice of proposed rulemaking related to SBIC Applicants and Licensees. The proposed rulemaking is open for comment until September 5, 2025. A summary of...more

Ropes & Gray LLP

ESMA Proposes Significant Reforms to UCITS Eligible Assets Rules

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ESMA has recently recommended notable amendments to the UCITS Eligible Assets Directive, which sets the standards for permissible investments by UCITS funds across Europe. These reforms could redefine permissible investment...more

Stinson LLP

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

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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

Latham & Watkins LLP

SEC Withdraws Proposed Rule on ESG Disclosures for Investment Advisers and Investment Companies

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The withdrawal aligns with the SEC’s “back to basics” approach, but it does not preclude scrutiny of ESG in asset managers’ strategies, marketing, and fund documentation....more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 39

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

K&L Gates LLP

United States: The Great SEC Spring Clean Up–14 Proposals Wiped Away

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Spring is a time of renewal, and the US Securities and Exchange Commission (SEC)–under its new chairman, Paul Atkins–has shown that. On 12 June 2025, the SEC withdrew 14 proposed rules impacting funds and asset managers,...more

Alston & Bird

SEC Withdraws Multiple Rule Proposals Affecting Investment Advisers

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The Securities and Exchange Commission (SEC) has retracted 14 rule proposals issued in 2022 and 2023. Our Investment Funds Team examines what the SEC’s withdrawal means for investment advisers going forward....more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

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On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

Ropes & Gray LLP

Consultation on UK AIFM Regulation: Industry Groups Raise Questions Over FCA Three-Tier Proposals and Propose Further Reduction of...

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A number of responses to the Consultation and Call for Input: Future regulation of alternative fund managers published by HM Treasury and the FCA on 7 April have been recently published. These reveal a diversity of views...more

Ropes & Gray LLP

SEC Clears Unfinished Rulemakings from Regulatory Agenda

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On June 12, 2025, the SEC issued a notice (the “Notice”) formally withdrawing certain proposed rulemakings issued in 2022 and 2023. Of particular interest to the investment management industry, the Notice withdraws the...more

SEC Compliance Consultants, Inc. (SEC³)

SEC Chair Paul Atkins Sets Pro-Innovation Tone in First Public Remarks

In his first public address as Chairman of the U.S. Securities and Exchange Commission, Paul Atkins laid out his regulatory vision during the SEC Speaks conference on May 19, 2025....more

Mayer Brown

UK Regulatory Update - Asset Management Sector - Quarterly Newsletter Q1 2025

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Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more

Alston & Bird

SEC Chair Announces Intent to Increase Retail Access to Private Funds

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Our Investment Funds Team discusses Securities and Exchange Commission Chair Paul Atkins’s plans to improve retail investors’ access to private funds....more

Morgan Lewis

UK Government and FCA Propose More Streamlined, Nuanced Approach to Regulating Managers of Alternative Investment Funds

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The UK government’s April launch of a consultation, along with a related call for input by the FCA, paves the way for further material divergence between the EU and UK models for the regulation of managers of alternative...more

BCLP

SEC Staff Updates Rule 10b5-1 Interpretations

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The SEC staff recently published updates to its interpretations (CDIs) for Rule 10b5-1 – the insider trading exemption for pre-established trading plans....more

Akin Gump Strauss Hauer & Feld LLP

March – April 2025 Regulatory Round-Up

His Majesty’s Treasury issued consultation paper—and the Financial Conduct Authority's (FCA) Call for Input—in April, setting out proposals for a revised regime under the Alternative Investment Fund Managers (AIFM)...more

Eversheds Sutherland (US) LLP

FINRA proposes changes to Rules 5130 and 5131, exempting non-traded BDCs from restrictions on participating in IPOs

On March 20, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the US Securities and Exchange Commission (SEC) to exempt certain business development companies (BDCs) from FINRA...more

Katten Muchin Rosenman LLP

Replacing UK PRIIPs: FCA Consults on Further Proposals for Consumer Composite Investments

The UK Financial Conduct Authority (FCA) has recently published a consultation paper (CP25/9) setting out further proposals on product information for consumer composite investments (CCIs), i.e., investments where the returns...more

SEC Compliance Consultants, Inc. (SEC³)

A New Era for Co-Investments?

The SEC just proposed major updates that could make life easier for BDCs, closed-end funds, and their advisers when it comes to co-investing. Under the proposed relief granted to FS Credit Opportunities Corp., the SEC is...more

Stikeman Elliott LLP

CIRO Publishes Phase 5 of its Rule Consolidation Project

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The Canadian Investment Regulatory Organization (“CIRO”) has published for comment Phase 5 of its rule consolidation project (the “Rule Consolidation Project”). Phase 5 involves rules relating to outsourcing and service...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

K&L Gates LLP

United States: SEC Appears Poised to Bolster Competition on “Y’all Street”

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On 4 April 2025, the Securities and Exchange Commission (SEC) published Texas Stock Exchange’s (TXSE) Form 1 Application and Exhibits, indicating that the SEC intends to grant TXSE’s registration as a national securities...more

Katten Muchin Rosenman LLP

HM Treasury and FCA Proposals to Reform Regulation of UK AIFMs

On 7 April 2025, HM Treasury (HMT) published a consultation (Consultation) on the reform of the UK regulatory regime for alternative investment funds (AIFs) and their managers, alternative investment fund managers (AIFMs[CM1]...more

Ropes & Gray LLP

Potentially significant changes expected for UK fund managers

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On 7 April 2025, HM Treasury published a consultation exploring whether the UK Government should simplify the regulatory framework for alternative investment fund managers (“AIFMs”) in the UK (the “Consultation”). At the same...more

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