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Securities Regulation Regulatory Requirements Investment Funds

Katten Muchin Rosenman LLP

Tokenization of Real-World Assets: Opportunities, Challenges and the Path Ahead

Digital assets are no longer just the playground of fintech startups. Mainstream financial institutions now offer token-friendly custody and settlement, global exchanges are piloting digital-asset divisions, and traditional...more

Lowenstein Sandler LLP

Democratization of VC funds

At least once or twice per year, a prospective client will call with the greatest new idea—launch a venture fund for everyone. Open up potential fundraising by appealing to moderate-income people. Why hasn’t anyone thought of...more

Walkers

Key changes in the newly revised JPF Guide

Walkers on

Earlier today the Jersey Financial Services Commission (JFSC) published a revised version of the Jersey Private Fund Guide (JPF Guide). The new JPF Guide, and a new statutory instrument, the Collective Investment Funds...more

Procopio, Cory, Hargreaves & Savitch LLP

When Must Private Fund Managers File as an Exempt Reporting Adviser in California?

Some private fund managers in California face potentially dire consequences if they fail to properly register with the state and the U.S. Securities and Exchange Commission (SEC). Failing to adhere to relevant securities laws...more

Stikeman Elliott LLP

OSC Publishes 2025 Examination Priorities for Dealers, Advisers, Investment Fund Managers and Other Regulated Entities

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The Registration, Inspections and Examinations Division (“RIE”) of the Ontario Securities Commission (“OSC”) has released its 2025 examination priorities, which are informed by the OSC’s 2024-2030 Strategic Plan as well as...more

Bennett Jones LLP

New CSA Amendments Regarding Investments in Crypto Assets Come into Force

Bennett Jones LLP on

New amendments and changes to National Instrument 81-102 Investment Funds (NI 81-102) and its Companion Policy 81-102CP took effect on July 16, 2025, regulating public investment funds that invest in crypto assets....more

Husch Blackwell LLP

OCM Guidance Regarding Ownership Transfers Provides Pathway for Funding Social Equity Licensees

Husch Blackwell LLP on

The Minnesota Office of Cannabis Management (“OCM”) conducted its license lottery for social equity applicants on June 5, 2025. Lottery winners received preliminary approval and must secure a business location and, in many...more

A&O Shearman

ESMA publishes technical advice on eligible assets for UCITS

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published its final technical advice to the European Commission (EC) on the review of the UCITS Eligible Assets Directive (EAD) accompanied by a press release. The EAD...more

Mayer Brown Free Writings + Perspectives

SEC Statement on Disclosure Best Practices for Crypto Asset ETFs

On July 1, 2025, the staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of statements regarding crypto assets. This particular statement, titled...more

Ropes & Gray LLP

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

Ropes & Gray LLP on

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

Cozen O'Connor

Stablecoins: Navigating the Money Transmitter Minefield & Forthcoming Federal Regulatory Frameworks

Cozen O'Connor on

As digital assets gain traction across financial markets, stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—are emerging as a practical medium for capital contributions, settlements, and liquidity...more

Ropes & Gray LLP

Preparing for ETFs as a Share Class: Updated and Expanded as of June 11, 2025

Ropes & Gray LLP on

Introduction - On March 17, 2025, Ropes & Gray published a white paper describing the much-anticipated Share Class Relief 1 and outlining matters we believed Advisers and Boards may want to consider in connection with...more

Herbert Smith Freehills Kramer

Hong Kong listing pathway for closed-ended alternative asset funds – our latest thoughts A recent SFC circular has generated...

A recent circular issued by the Hong Kong Securities and Futures Commission (SFC) has created a pathway to listing closed-ended alternative asset funds in Hong Kong, generating interest among both local private market...more

Troutman Pepper Locke

Investment Management Update - Q1 2025

Troutman Pepper Locke on

Explore the latest legal developments and regulatory updates impacting funds, advisers, and industry participants, including SEC rule amendments, compliance extensions, and guidance on accredited investor verification....more

Maynard Nexsen

When Firms Receive Written Notice of Outside Business Activities

Maynard Nexsen on

In the world of outside business activity (OBA) disclosure, many FINRA enforcement actions center on whether a registered person gave, or did not give, prior written notice of those activities to their member firm. These...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

Hogan Lovells

The impact of the outbound investment rules on LP trades

Hogan Lovells on

The secondaries market continues to mature and evolve, offering limited partners (“LPs”) an essential tool for portfolio rebalancing, liquidity management and strategic realignment. However, the introduction of the U.S....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

Gordon Rees Scully Mansukhani

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

Blake, Cassels & Graydon LLP

A New Lease on LIFE: CSA Expands Listed Issuer Financing Exemption

On May 14, 2025, the Canadian Securities Administrators (CSA) announced Coordinated Blanket Order 45-935 – Exemption from Certain Conditions of the Listed Issuer Financing Exemption (Blanket Order) aimed at enhancing...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

Goodwin

Further easing the US-UK Divide: Extending the Buy-Side Investment Research Rules to Fund Managers

Goodwin on

In our previous alert Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide | Insights & Resources | Goodwin we discussed the Financial Conduct Authority (FCA) final rules in its policy paper PS24/9:...more

Mayer Brown Free Writings + Perspectives

SEC Crypto Task Force Holds Roundtable on Tokenization

On May 12, 2025, the Securities and Exchange Commission (“SEC”) held a Crypto Task Force roundtable to explore an appropriate regulatory framework for tokenized securities. In the keynote address, Chair Paul Atkins, stated...more

BCLP

SEC Staff Updates Rule 10b5-1 Interpretations

BCLP on

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

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