This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended March 31.

Rulemaking and Guidance:

• SEC Adopts Reforms Relating to Investment Advisers Operating Exclusively Through the Internet

• FinCEN Proposes New Investment Adviser AML Rule

• SEC Adopts Amendments to Enhance Private Fund Reporting

• SEC Releases New Guidance on Tailored Shareholder Reports

Litigation and Enforcement:

• SEC Charges Van Eck Associates for Failing to Disclose Influencer's Role in Connection With ETF Launch

SEC and SRO News:

• SEC Announces Departure of William Birdthistle; Natasha Vij Greiner Named Director of the Division of Investment Management