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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

Sheppard Mullin Richter & Hampton LLP

Chairman Atkins Outlines SEC’s New Roadmap for Crypto Reform

In a May 12, 2025 Keynote Address before the U.S. Securities and Exchange Commission (“SEC”) Crypto Task Force’s fourth industry roundtable on digital assets, newly-minted Chair Paul Atkins laid out a sweeping vision for...more

Mayer Brown Free Writings + Perspectives

SEC Drops Appeal of “Dealer Rule” Litigation

On February 19, 2025, the Securities and Exchange Commission (the “Commission” or “SEC”) dropped its appeal of a ruling by the U.S. District Court for the Northern District of Texas (“District Court”) on November 6, 2024 that...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - December 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

Skadden, Arps, Slate, Meagher & Flom LLP

How and When SEC Recordkeeping Rules May Apply to AI-Generated Content

AI has revolutionized the way many businesses operate. Firms in the financial sector are eager to take advantage of rapidly developing technologies but do not want to risk running afoul of relevant Securities and Exchange...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 36: The Intersection of AI and Securities Regulation

This week, RegFi co-hosts Jerry Buckley and Sasha Leonhardt welcome Ignacio Sandoval, a partner at Orrick and former special counsel in the SEC's Office of Chief Counsel, to explore the timely and complex subject of...more

King & Spalding

Fifth Circuit Vacates Private Fund Adviser Rules

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On Wednesday, the U.S. Court of Appeals for the Fifth Circuit (the “court”) held that the Securities and Exchange Commission (“Commission”) exceeded its statutory authority when it adopted the Private Fund Adviser Rules...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (35): The Education Exception

The Department of Labor’s (DOL) final regulation defining fiduciary status for investment advice to retirement investors is effective on September 23, 2024. The related exemptions—PTE 2020-02 and 84-24—are partially effective...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (24): The DOL Fiduciary Rule Requires a Recommendation. What is That?

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (14): The Timeline for the Final Regulation and Exemptions

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...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

Foley Hoag LLP

DOL Issues Proposed Amendment to Investment Advice Fiduciary Regulation

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On October 31, 2023, the Department of Labor (“DOL”) issued a much-anticipated proposal to amend its 1975 “investment advice fiduciary” regulation, which defines when a person who provides investment advice for a fee or other...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (2): The Impact

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (1): An Overview

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...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

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts Final Private Fund Adviser Rules

On August 23, 2023, the Securities and Exchange Commission (SEC) voted 3-2 to adopt a final set of rules and amendments under the U.S. Investment Advisers Act of 1940 (collectively, the Final Rules) that significantly expand...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Proposes New Conflicts of Interest Rule for Use of AI by Broker-Dealers and Investment Advisers

The passage of omnibus federal legislation on the use of artificial intelligence (AI) is unlikely in the short term, but individual federal agencies continue to address the implementation of AI within the areas they regulate....more

Ballard Spahr LLP

SEC Proposes Additional Conflict-of-Interest Rule for Investment Advisers' and Broker-Dealers' Use of AI in Customer Interactions

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Summary - The U.S. Securities Exchange Commission (SEC) has proposed additional compliance obligations on broker-dealers and investment advisers and their use of artificial intelligence (AI), predictive analytics, and...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

How the SEC’s Proposed New Safeguarding Rule May Impact Private Fund Advisers

On February 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule (the “Proposal”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which would (i) amend certain provisions of the...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: June 2022

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Background - A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940...more

Proskauer - The Capital Commitment

SEC Proposes ESG Reporting and Disclosure Requirements for Private Fund Advisers

On May 25, the Securities and Exchange Commission (“SEC”) issued proposed rules under the Investment Advisers Act of 1940 (“Advisers Act”) for advisers to private funds that consider environmental, social or governance...more

Stinson LLP

SEC Proposes New ESG Disclosures and Naming Rules for Investment Advisers and Funds

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On May 25, 2022, the Securities and Exchange Commission (SEC) approved proposals to the “Names Rule” (Rule 35d-1) under the Investment Company Act of 1940 (1940 Act), hereinafter referred to as Proposal One, and to the rules...more

Proskauer Rose LLP

SEC Reopens Comment Period for Proposed Private Fund Adviser Rules

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Monday, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30...more

Proskauer - The Capital Commitment

Conflicts of Interest: How High Will the Bar be Raised?

The SEC last month proposed rules under the Advisers Act indicating a dramatic shift in how the SEC intends to reduce conflicts of interest involving private fund managers and their investors. As we previously noted in the...more

Proskauer Rose LLP

SEC Proposes Significant Amendments to Form PF

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On January 26, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed amendments to Form PF and related rules (the “Proposed Amendments”) under the Investment Advisers Act of 1940 (“Advisers Act”). Form PF is...more

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