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Regulatory Reform Investment Investment Funds

Alston & Bird

FINRA Delays Implementation Date for Previously Adopted Changes to Filing Fees for Public Offering and Private Placement Reviews

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New fees from the Financial Industry Regulatory Authority (FINRA) are now on hold until 2027. Our Investment Funds Team examines the new schedule for public offering and private placement reviews....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

SFDR Review Potentially Delayed to Q1 2026

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Whilst not unexpected, the long-awaited review of the EU Sustainable Finance Disclosure Regulation (SFDR), originally scheduled for Q4 2025, is now likely to be delayed to Q1 2026. This follows the public and targeted...more

A&O Shearman

Mansion House: Leeds Reforms

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HM Treasury has published a press release confirming a significant package of measures aimed at making the UK the prime destination for financial services by 2035, referred to as the "Leeds Reforms"...more

Secretariat

Reflections on Initial SEC Policy Changes Early in the Atkins Era

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Since Paul Atkins became Chairman of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, the SEC has announced significant pivots in its approaches to enforcement, regulatory guidance, investment adviser...more

Troutman Pepper Locke

FUNDamentals — June 2025

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FUNDamentals is a periodic digest of news and information specifically for private funds and their managers. In this issue, we highlight some fundraising trends, new marketing rule FAQs, fund liquidity trends (limited...more

Mayer Brown Free Writings + Perspectives

The SEC Spoke:  Private Fund Changes Coming

At yesterday's Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics.  Chair Atkins touched on innovation at the SEC, FinHub and...more

Mayer Brown Free Writings + Perspectives

Growth of Permanent Capital Vehicles Expected to Accelerate

In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has increased significantly.  According to a report from the Loan Syndications and Trading Association (LSTA) detailing...more

Carlton Fields

SEC Action Builds Pressure for ETFs in Variable Contracts

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On October 31, 2024, the SEC censured a major wirehouse for selling mutual funds to customers when lower-priced exchange-traded fund (ETF) “clones” of those funds were available. The SEC found that when recommending the...more

McDermott Will & Schulte

Navigating EU Sanctions: How Investment Funds and Corporates Can Meet the 'Best Efforts' Standard

With the introduction of the 14th sanctions package, entities established in the European Union are required to ‘undertake their best efforts to ensure’ that non-EU subsidiaries they own or control do not undermine EU...more

A&O Shearman

Great Fund Insights: ESMA Guidelines on funds’ names: Tell me your fund name, I’ll tell you your fund strategy

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On 14 May 2024, ESMA published its final guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). As a result, the use of certain environmental, social and governance (ESG) or...more

Troutman Pepper Locke

Amendments and Clarifications to the Small Business Investment Company Investment Diversification and Growth Rules

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On January 19, the U.S. Small Business Administration (SBA) published a direct and final rule (the rule), including substantive and technical amendments and clarifications to the Small Business Investment Company Investment...more

Goulston & Storrs PC

Need to Know: SEC’s New Private Fund Rules

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The Securities and Exchange Commission (“SEC”) recently adopted sweeping new rules (the “Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that include significant changes governing how private...more

Walkers

Names and Claims – ESMA probes use of generic ESG terms in EU funds

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Yesterday, ESMA published a risk analysis report outlining the results of its disclosure study on ESG names and claims in the EU funds industry. ESMA utilised natural language processing ("NLP") techniques to analyse the...more

Mayer Brown Free Writings + Perspectives

SEC Releases Final Private Fund Adviser Rules: Key Changes and Takeaways

On August 23, 2023, the US Securities and Exchange Commission (the “SEC”) adopted final rules imposing additional obligations on and restricting certain practices by advisers to “private funds” (the “Final Rules”). ...more

Seward & Kissel LLP

SEC Proposes Amendments to Fund “Names Rule” and Proposes Amendments Concerning Fund ESG Investment Practices

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On May 25, 2022, the SEC proposed amendments to Rule 35d-1, the fund “Names Rule,” (Names Rule Amendments) and, separately, proposed amendments to several rules and forms that would require additional disclosure for funds and...more

A&O Shearman

National Security and Investment Bill: a new frontier for scrutiny of investment in the UK

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On 11 November 2020 the UK Government published its groundbreaking National Security and Investment Bill (Bill). The Bill will drastically expand the Government’s powers to scrutinise investment on national security grounds,...more

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