News & Analysis as of

Securities and Exchange Commission (SEC) Investment Companies

Latham & Watkins LLP

SEC Staff Clarifies Disclosure Expectations for Crypto Asset Exchange-Traded Products

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The Staff highlighted disclosure-related observations and issues identified during reviews of digital asset ETP filings. On July 1, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance...more

Fisher Phillips

New SEC Cybersecurity Compliance Deadlines are Coming: What 5 Things Should Covered Institutions Do to Prepare?

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The SEC’s amended Regulation S-P, adopted last year, will soon enhance data privacy protections for broker-dealers, investment companies, registered investment advisors, and transfer agents. The updated rule requires these...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

Proskauer Rose LLP

SEC Multi-Class Exemptive Relief for Privately Offered BDCs and Closed-End Funds

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On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a notice on Ares Core Infrastructure Fund’s (“Ares”) application for multi-class exemptive relief (the “Private Placement Multi-Class Relief”). The...more

Seward & Kissel LLP

SEC Extends Compliance Dates for Amendments to Names Rule

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Who may be interested: Registered Investment Companies; Investment Advisers; Boards of Directors; Compliance Officers - Quick Take: The SEC recently announced a six-month extension of the compliance dates for amendments to...more

Fenwick & West LLP

Securities Law Update - February 2025

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Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more

Seward & Kissel LLP

SEC Settles with Investment Adviser for Over $100 Million for Misleading Investors About Tax Implications of Retirement Fund...

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Who may be interested: Investment Advisers; Investment Companies; Boards of Directors; Compliance Staff - Quick Take: The SEC announced that an investment adviser (Adviser) agreed to pay over $100 million to settle...more

Proskauer - Regulatory & Compliance

Digital Assets:  What to Expect from the Incoming Administration and Congress

The Trump Administration and the new Republican-led Congress are expected to create a friendlier governmental approach to crypto assets. Among other things, key nominees to serve as senior administration officials are known...more

Seward & Kissel LLP

Federal Government Shutdown and the SEC: What You Need to Know

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The federal government will shut down at 12:01 a.m. on Saturday, December 21st, unless Congress passes a funding plan today,...more

SEC Compliance Consultants, Inc. (SEC³)

Tips for Updating Your Compliance Program in 2025

In addition to basic blocking and tackling, compliance officers often have the thankless job of performing the annual review of their compliance program required by Advisers Act Rule 206(4)-7....more

Seward & Kissel LLP

SEC Charges Former Chief Investment Officer of Registered Investment Adviser with Fraud

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker-Dealers; Boards of Directors - Quick Take: The SEC recently charged a former co-chief investment officer (CIO) of a registered...more

Seward & Kissel LLP

SEC Staff Issues Guidance on Tailored Shareholder Reports

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The staff of the Division of Investment Management’s Disclosure Review & Accounting Office (Staff) issued an Accounting and...more

Seward & Kissel LLP

SEC Charges Investment Adviser for Making Misleading ESG-Related Statements

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Who may be interested: Registered Investment Companies; Investment Advisers; Compliance Staff - Quick Take: The SEC recently settled charges against a registered investment adviser (the Adviser) for making misleading...more

Seward & Kissel LLP

SEC Announces Enforcement Results for Fiscal Year 2024

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On November 22, 2024, the SEC released its fiscal year 2024 enforcement statistics.  According to the accompanying press release, the SEC filed 583 total enforcement actions—431 of them standalone actions—while obtaining $8.2...more

Seward & Kissel LLP

SEC Charges Robo-Adviser with Marketing Rule Violations

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The SEC recently settled charges against a registered investment adviser for violating the requirements of Rule 206(4)-1 of the...more

Seward & Kissel LLP

SEC Staff Issues Risk Alert Regarding Examination Process for Registered Funds

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Who may be interested: Registered Investment Companies; Advisers to Registered Investment Companies; Compliance Officers; Board of Directors - Quick Take: The SEC staff (Staff) published a risk alert (Alert) summarizing...more

Seward & Kissel LLP

Financial Services Firm Affiliates Settle Five SEC Enforcement Actions for Allegedly Misleading Customers and Failing to Act in...

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker Dealers; Compliance Officers; Boards of Directors - Quick Take: The SEC recently settled five separate enforcement proceedings...more

K&L Gates LLP

SEC Says Crypto ETPs Are Exam Priority

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On 21 October 2024, the SEC’s Division of Examinations (Division) published its 2025 Examination Priorities (Priorities) to provide insight into what the Division plans to focus on in the 2025 fiscal year. In addition to...more

Patterson Belknap Webb & Tyler LLP

SEC Division of Examinations Announces 2025 Priorities

On October 21, 2024, the Securities and Exchange Commission (“SEC”)’s Division of Examinations (the “Division”) released its 2025 examination priorities....more

BCLP

SEC Division of Examinations publishes 2025 Examination Priorities

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On October 21, 2024, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2025 (the “Exam Priorities”). Below is a...more

Procopio, Cory, Hargreaves & Savitch LLP

What to Expect from the SEC’s Examination Focus in 2025

Investment advisers, broker-dealers, fund managers and other financial professionals could be impacted in 2025 by the U.S. Securities and Exchange Commission’s (SEC) continued focus on upcoming examinations, presenting a...more

Vedder Price

SEC Amends Form N-PORT and N-CEN Reporting Requirements and Issues Guidance on Open-End Fund Liquidity Risk Management Programs

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On August 28, 2024, the SEC adopted amendments to reporting requirements on Form N-PORT and Form N-CEN and issued guidance on open-end fund liquidity risk management programs. Notably, the SEC declined to adopt the proposed...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Carlton Fields

Going Up: SEC Cyber Incident Reporting - Regulation S-P Amendments Take It to Next Level

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On May 16, 2024, the SEC breathed new life into its decades-old Regulation S-P, which requires firms to adopt policies and procedures for the protection of customer information and records. The amended rule balloons the...more

Seward & Kissel LLP

Continued SEC Enforcement Actions Relating to Off Channel Communications

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Who may be interested: Registered Investment Advisers, Registered Investment Companies, Compliance Staff - Quick Take: The SEC recently announced a number of additional enforcement actions relating to recordkeeping...more

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