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Securities and Exchange Commission (SEC) Investment Management Securities Regulation

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

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

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On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update April – June 2025

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Since our prior IM Update, in separate Alerts, we covered (i) the SEC’s decision to remove from its regulatory agenda proposed rulemakings relevant to the investment management industry, (ii) Ropes & Gray’s updated and...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for May 2025

On May 14, 2025, Deputy Enforcement Director Antonia Apps told those gathered at an anti‑money laundering conference in Washington, D.C. to expect a more measured approach from SEC Enforcement. That may include, she...more

Seward & Kissel LLP

SEC Withdraws 14 Proposed Rules Impacting Investment Advisers, Investment Companies and Broker-Dealers

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June 18, 2025 On June 12, 2025, various divisions within the Securities and Exchange Commission (“SEC”) formally withdrew a number of pending proposed rules which would have affected investment advisers, investment companies,...more

Proskauer - The Capital Commitment

SEC Regulation in a Non-Regulatory Environment

With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more

Ropes & Gray LLP

SEC Reverses Course on Gensler-Era Rule Proposals – Withdraws Proposed Amendment to its Shareholder Proposal Rule

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In a broad reversal of course on proposed rules issued by the Securities and Exchange Commission (SEC) under the leadership of former SEC Chair Gary Gensler, on June 12, 2025, the SEC issued a notice withdrawing 14 of the...more

Mayer Brown Free Writings + Perspectives

SEC Conference on Emerging Asset Management Trends

On June 5th, the SEC brought together regulators, industry leaders, and experts to discuss the evolving asset management landscape at its 2025 Conference on Emerging Trends in Asset Management.  This year’s event focused on...more

Katten Muchin Rosenman LLP

SEC Expands the Ability of Registered Closed-End Funds to Invest in Private Funds

Since 2002, the staff of the US Securities and Exchange Commission (SEC) consistently issued comments during the registration statement review process to closed-end funds (CEFs) registered under the Investment Company Act of...more

Ropes & Gray LLP

SEC Drops 15% Limit in Private Funds for Retail Closed-End Funds

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Statements earlier this week by SEC Chairman Paul S. Atkins and by Division of Investment Management Director Natasha J. Greiner indicate that the SEC staff will no longer require retail closed-end funds to limit their...more

Proskauer Rose LLP

SEC Chairman Paul Atkins to Urge SEC to Rethink Private Fund 15% Threshold

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On May 19, 2025, the Securities and Exchange Commission’s (the “SEC”) Chairman Paul Atkins delivered prepared remarks before the SEC Speaks Conference hosted by the Practicing Law Institute (PLI). In his remarks, Atkins...more

Proskauer Rose LLP

Update: SEC Approves Additional Flexibility for Co-Investment Relief for BDCs and Closed-End Funds that Previously Obtained...

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On April 29, 2025, the U.S. Securities and Exchange Commission ("SEC") issued an order granting Franklin Square's ("FS") exemptive relief application (the "FS Application") permitting certain business development companies...more

Cooley LLP

Five Interesting Things From the “SEC Town Hall”

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Recently, SEC Chair Paul Atkins posted his remarks delivered at an “SEC Town Hall.” Here are five things I found interesting...more

Troutman Pepper Locke

FUNDamentals Market Update – What’s Happening In Today’s Market?

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“The most recent development in the registered investment funds space has been the long-awaited movement toward the SEC granting dual share class ETF exemptive relief. This will be a significant catalyst for growth in...more

Carlton Fields

Expect Focus - Volume II, May 2025

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Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty - The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more

Eversheds Sutherland (US) LLP

SEC Chairman Atkins champions crypto innovation

On Friday, April 25, 2025, newly sworn in SEC Chairman Paul S. Atkins spoke for the first time in his new role at the SEC’s third roundtable in its series discussing crypto asset regulation called Know Your Custodian: Key...more

Alston & Bird

SEC Liberalizes Co-investment Relief for Registered Funds and BDCs

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Our Investment Funds Team reviews a development from the Securities and Exchange Commission that paves the way for private funds to launch interval funds and business development companies (BDCs) that operate as co-investment...more

Carlton Fields

Recent SEC AML Enforcement Actions and Likely Continued AML Emphasis Under New Administration

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Registered investment advisers have until January 1, 2026, to comply with the anti-money laundering (AML) compliance provisions of the Bank Secrecy Act (BSA). However, the SEC has recently charged two investment advisers with...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update February – March 2025

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Since our prior IM Update, in separate Alerts, we covered (i) the 2025 Investment Management Conference sponsored by the Investment Company Institute, (ii) anticipated modernization of the conditions governing joint...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

Ropes & Gray LLP

2025 ICI Investment Management Conference

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The 2025 ICI Investment Management Conference was noteworthy for the change in tone from the SEC officials in attendance, including Acting Chairman Mark Uyeda, as well as IM Director Natasha Greiner, who suggested that there...more

Eversheds Sutherland (US) LLP

SEC provides green light to new exemptive relief

The SEC recently issued a notice with regard to a new model of co-investment relief and issued the first exemptive order for multi-class relief to a private BDC. This legal alert discusses both new developments....more

Skadden, Arps, Slate, Meagher & Flom LLP

How Private Fund Managers Can Minimize the Risk of Government Probes in Volatile Markets

Key Points - - Periods of market volatility expose firms managing private funds to increased scrutiny from government agencies, regardless of the existence of any actual misconduct. - Government agencies may open an...more

Kohrman Jackson & Krantz LLP

SEC’s New Guidance on General Solicitation Eases Accredited Investor Verification for Private Funds

Last month, the SEC issued a No Action Letter interpreting Rule 506(c) that effectively provides a streamlined path for private fund sponsors to conduct an exempt general solicitation offering pursuant to Regulation D of 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

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