On March 12, 2025, the staff of the Division of Corporation Finance at the Securities and Exchange Commission (SEC) issued a no-action letter (NAL) recognizing the reasonableness of one method by which issuers relying on Rule...more
On October 21, the Securities and Exchange Commission’s (SEC’s) Division of Examinations (Division) released its examination priorities for 2025, outlining the key topics the Division plans to focus on in the upcoming fiscal...more
11/5/2024
/ Code of Conduct ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
Department of Justice (DOJ) ,
Fiduciary Duty ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Popular ,
Private Funds ,
Registered Investment Companies (RICs) ,
Risk Assessment ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Yesterday, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit vacated the “Private Funds Rules,” which the Securities and Exchange Commission (the “SEC”) adopted on August 23, 2023. The opinion of the...more
On February 6, 2024, the staff of the Securities and Exchange Commission (SEC) issued an updated FAQ with respect to the Marketing Rule (Rule 206(4)-1) under the Investment Advisers Act of 1940 (the Advisers Act). This FAQ...more
On November 14, 2023, the SEC announced its enforcement results for fiscal year 2023, which ended on September 30, reporting the following key metrics and highlights...more
On October 16, 2023, the SEC’s Division of Examinations (EXAMS) published its exam priorities for 2024. The timing is notable, with the release coming several months ahead of the typical timeline and only eight months after...more
10/26/2023
/ Broker-Dealer ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
FinTech ,
Form CRS ,
Investment Adviser ,
Private Funds ,
Registered Investment Companies (RICs) ,
Regulation BI ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Today, the SEC (U.S. Securities and Exchange Commission) has adopted the much anticipated so-called “Private Funds Rules” under the Investment Advisers Act of 1940 (the “Advisers Act”). The Private Funds Rules will impact not...more
The Securities and Exchange Commission (SEC) brought an unusually high number of enforcement actions against exempt reporting advisers in 2022 — that appears to be more than the prior three years combined and a record number...more
1/27/2023
/ Asset Management ,
Disclosure Requirements ,
Enforcement Actions ,
Exempt Organizations ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Pay-To-Play ,
Private Funds ,
Regulation M ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Venture Capital
Private funds can draw lessons about how to prioritize their compliance efforts and practices in response to a series of warnings by newly-appointed federal regulators of increased scrutiny, regulation, and enforcement...more
4/8/2022
/ Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
Enforcement Priorities ,
False Statements ,
Form PF ,
Government Investigations ,
Hedge Funds ,
Misleading Statements ,
Private Equity Funds ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Valuation ,
Venture Capital
On March 30, 2022, the Division of Examinations (“EXAMS”) of the U.S. Securities and Exchange Commission (the “SEC”) placed private funds at the top of its examination priorities for 2022, displacing a focus on the protection...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more
2/11/2022
/ Appraisal ,
Banking Sector ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Community Development ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Dodd-Frank ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Investment Adviser ,
Investment Companies ,
Lenders ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Policies and Procedures ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
State Savings Associations ,
Valid When Made Doctrine
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed a package of new rules and amendments that will significantly affect all private fund advisers, including those that are not registered...more
On January 27th, the U.S. Securities and Exchange Commission (the “SEC”) proposed amendments to the Form PF that would (i) introduce new “current reports” for (a) “large hedge fund advisers” with respect to “qualifying hedge...more
On November 10, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler, made a speech at the Institutional Limited Partners Association (“ILPA”) Summit that provides a useful summary of the SEC’s immediate...more