On December 3, 2025, the SEC issued an order extending, for an additional two years, exemptive relief from compliance with the short sale disclosure requirements of new Rule 13f-2 under the Securities Exchange Act of 1934,...more
2/18/2026
/ Disclosure Requirements ,
Exemptions ,
Filing Deadlines ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Short Selling
As discussed in an article published by attorneys in Vedder’s Tax group, the Inflation Reduction Act of 2022 imposed a 1 percent excise tax on certain repurchases of publicly traded corporate stock made after December 31,...more
2/18/2026
/ Excise Tax ,
Exemptions ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Company Act of 1940 ,
Investment Funds ,
IRS ,
New Regulations ,
REIT ,
Treasury Regulations ,
U.S. Treasury
On December 16, 2025, the SEC’s Division of Examinations issued its latest risk alert regarding Rule 206(4)-1 under the Investment Advisers Act of 1940, known as the Marketing Rule. Following the examination staff’s September...more
On December 11, 2025, President Trump issued an executive order with the stated purpose of increasing oversight and public confidence in the proxy advisor industry. The order cites as its focus proxy advisers’ alleged...more
On November 17, 2025, the staff of the SEC’s Division of Examinations released its examination priorities for fiscal year 2026. The release highlights areas of focus for various regulated entities, including, among others,...more
On January 7, 2026, the SEC proposed amendments to the rules that define which registered investment companies and business development companies (funds) and investment advisers qualify as “small entities” for purposes of the...more
On September 17, 2025, the SEC and the CFTC voted to extend the compliance date for amendments to Form PF for a third time, resulting in a new compliance date of October 1, 2026. Form PF is the confidential reporting form...more
On September 30, 2025, the staff of the SEC’s Division of Investment Management issued a no-action letter permitting registered investment advisers (RIAs) and registered investment companies, including business development...more
On September 29, 2025, the SEC issued a notice of an amended application for an exemptive order to permit the applicant open-end management investment companies registered under the Investment Company Act of 1940 to offer a...more
On September 17, 2025, the SEC issued a policy statement to the effect that the presence of a mandatory arbitration clause in an issuer’s governing documents with respect to investor claims arising under the federal...more
On September 17, 2025, the SEC approved rule changes resulting in the creation of generic listing standards applicable to exchange traded products (ETPs) that hold spot commodities, including digital assets, seeking to list...more
On July 1, 2025, the staff of the SEC’s Division of Corporation Finance issued a statement providing the staff’s views on the application of certain disclosure requirements under the Securities Act of 1933 and the Securities...more
10/24/2025
/ Cryptoassets ,
Digital Assets ,
Disclosure Requirements ,
Division of Corporate Finance ,
Exchange-Traded Products ,
Financial Markets ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On July 22, 2025, the staff of the SEC issued no-action relief providing that broker-dealers acting as authorized participants for ETFs holding foreign securities do not have to take a net capital charge under Rule 15c3-1...more
On August 21, 2025, the SEC announced that Judge Margaret “Meg” Ryan will become the new Director of the SEC’s Division of Enforcement, effective September 2, 2025. The SEC highlighted Judge Ryan’s “decades of experience as a...more
On July 29, 2025, the SEC approved the use of in-kind creations and redemptions by authorized participants for crypto asset exchange-traded product (ETP) shares. The SEC’s approval order applies only to ETPs that are not...more
On September 4, 2025, the Office of Information and Regulatory Affairs, part of the Office of Management and Budget, within the Executive Office of the President, released the Spring 2025 Unified Agenda of Regulatory and...more
In recent months, shareholders of several equity mutual funds have filed class action lawsuits in New York and Delaware state courts alleging false and misleading statements and material omissions in the funds’ registration...more
In August 2025, a broker-dealer settled an enforcement proceeding brought by FINRA regarding the broker-dealer firm’s alleged failure to apply mutual fund sales charge waivers and fee rebates. According to the letter of...more
On July 21, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced its intention to postpone by two years the effective date of the final rule that it adopted on August 28, 2024...more
On June 30, 2025, the SEC announced it had obtained final judgments in federal district court in a lawsuit brought against two affiliated investment advisers and their two portfolio managers for breaches of fiduciary duty and...more
8/7/2025
/ Breach of Duty ,
Disclosure Requirements ,
Enforcement Actions ,
Fiduciary Duty ,
Investment Adviser ,
Material Misrepresentation ,
Misleading Statements ,
Mutual Funds ,
Private Funds ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
On June 30, 2025, the U.S. Supreme Court granted certiorari in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. in order to resolve a split among U.S. Circuit Courts of Appeals regarding whether Section 47(b)...more
8/7/2025
/ Appeals ,
Board of Directors ,
Certiorari ,
Closed-End Funds ,
Investment Company Act of 1940 ,
Investment Funds ,
Petition for Writ of Certiorari ,
Private Right of Action ,
SCOTUS ,
Securities Regulation ,
Shareholder Litigation ,
Split of Authority ,
Unenforceable Contract Terms
As previously summarized here, since SEC Commissioner Mark T. Uyeda was named Acting Chairman on January 21, 2025, the SEC has significantly shifted its approach to cryptocurrency regulation and enforcement actions, including...more
On April 9, 2025, President Trump issued a presidential memorandum (the order) directing the heads of all Federal agencies to identify unlawful or potentially unlawful regulations that clearly exceed the agency’s statutory...more
On April 21, 2025, Paul S. Atkins was sworn in as the new Chairman of the SEC. Mr. Atkins was nominated by President Trump on January 20, 2025, and confirmed by the U.S. Senate on April 9, 2025 in a 52 to 44 vote. He replaces...more
On March 10, 2025, the SEC voted along party lines to amend SEC regulations in order to rescind the SEC’s delegation of authority to the Director of the Division of Enforcement to issue formal orders of investigation. The SEC...more