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United States: The SEC Takes Another Key Step Toward Crypto Clarity

On the heels of other guidance issued by the US Securities Exchange Commission’s (SEC) Division of Corporation Finance (Division), the Division released a statement (Statement) on 10 April 2025 addressing its views about,...more

United States: Staff Cedes Jurisdiction Over Certain Stablecoins

On 4 April 2025, the SEC’s Division of Corporation Finance (Division) issued a statement (Statement) providing that the offer and sale of certain “Covered Stablecoins” do not involve the offer and sale of securities within...more

SEC Says Crypto ETPs Are Exam Priority

On 21 October 2024, the SEC’s Division of Examinations (Division) published its 2025 Examination Priorities (Priorities) to provide insight into what the Division plans to focus on in the 2025 fiscal year. In addition to...more

Global Survey of ESG Regulations for Asset Managers

Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental,...more

Global Survey of ESG Regulations for Asset Managers - ESG and the Sustainable Economy Handbook

Investment advisers offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental, social, and governance...more

SEC Proposes New Requirements for Adviser Oversight of Service Providers

SUMMARY - On 26 October 2022, the Securities and Exchange Commission (SEC) proposed new Rule 206(4)-11 (the Proposed Rule) under the Investment Advisers Act of 1940 (Advisers Act) and related amendments (together with the...more

SEC v. Wahi: An Enforcement Action Impacting the Broader Crypto/Digital Assets and Investment Management Industries

The U.S. Securities and Exchange Commission (SEC) has made a new crypto move—and its impact is broad. BACKGROUND - On 21 July, the SEC filed a complaint (Wahi complaint) in the U.S. District Court for the Western District of...more

Q&A on the Proposed ESG Reforms for Registered Funds: Addressing the Potential Challenges Imposed and Comment Opportunities

After much anticipation, the U.S. Securities and Exchange Commission (SEC) proposed significant, and potentially burdensome, disclosure and reporting requirements (the Proposed Amendments) for registered funds that use...more

CFTC and SEC Perspectives on Cryptocurrency and Digital Assets – Volume I: A Jurisdictional Overview

I. Introduction - The rise of cryptocurrencies and digital assets in the financial markets, including the investment management industry, has given rise to a crucial question: which federal regulator - the Securities and...more

SEC's Division of Examinations Issues Risk Alert on Investment Adviser MNPI Compliance Issues

In a Risk Alert issued on 26 April 2022 (the Risk Alert), the staff of the Division of Examinations (the Staff) of the Securities and Exchange Commission (SEC) described notable deficiencies relating to investment advisers’...more

The SEC's Division of Examinations Publishes 2022 Examination Priorities and Previews Key Focus Areas for Registered Investment...

On 30 March 2022, the Division of Examinations (the Division) of the U.S. Securities and Exchange Commission (SEC) released its examination priorities for the 2022 fiscal year. The Division highlighted five “significant focus...more

SEC Proposes Cybersecurity Risk Management Rules for Investment Advisers and Funds

On 9 February 2022, the U.S. Securities and Exchange Commission (the SEC) proposed new rules and amendments to existing rules (together, the Proposed Rules) addressing cybersecurity risk management under the Investment...more

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