After years of regulatory turf wars and jurisdictional uncertainty, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are signaling a new chapter in their relationship. SEC Chairman...more
On January 28, the Securities and Exchange Commission's (SEC) Divisions of Corporation Finance, Investment Management, and Trading and Markets jointly released a joint statement on tokenized securities (Staff Statement). The...more
On January 15, Staff from the Securities and Exchange Commission (SEC) published two new frequently asked questions (FAQs) related to the Marketing Rule under Investment Advisers Act Rule 206(4)-1. The new FAQs underscore the...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
Investment advisers may request confidential treatment of certain information in Form ADV and other filings under the Investment Advisers Act of 1940 (Advisers Act), which currently only the Commission itself has the...more
On December 31, 2025, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) finalized a two‑year delay of the effective date for the anti-money laundering/counter-financing of terrorism (AML/CFT)...more
On January 7, the Securities and Exchange Commission (SEC) proposed amendments (the Proposal) to raise the small entity thresholds for purposes of the Regulatory Flexibility Act (RFA) for investment companies and advisers....more
In a flurry of activity, the Securities and Exchange Commission (SEC) has taken decisive steps to integrate blockchain technology into traditional securities market infrastructure. First, in a media appearance, Chairman Paul...more
Warm congratulations to the Honorable Michael Selig, who was confirmed by the Senate on December 18 as the 15th Chair of the Commodity Futures Trading Commission (CFTC or Commission). This key appointment builds on the...more
On Wednesday, December 17, the SEC’s Division of Trading and Markets (Division) issued a helpful statement (the Statement) to clarify its views on how a broker-dealer can meet its obligation pursuant to paragraph (b)(1) of...more
The SEC's Division of Examinations' staff (Staff) issued a Risk Alert on December 16, highlighting additional observations on investment advisers’ compliance with the amended Marketing Rule (Rule 206(4)-1) under the...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
12/18/2025
/ Anti-Money Laundering ,
CFTC ,
Cybersecurity ,
Digital Assets ,
Digital Operational Resilience Act (DORA) ,
European Commission ,
Financial Conduct Authority (FCA) ,
Investment Advisers Act of 1940 ,
Popular ,
Securities and Exchange Commission (SEC) ,
The GENIUS Act
As disclosed by recent comments during Congressional hearings, publication of proposed regulations by the federal financial regulators (including the Board of Governors of the Federal Reserve System, the Federal Deposit...more
California, Louisiana, and Illinois have established comprehensive crypto licensing frameworks that mirror New York’s BitLicense regime. With multiple rulemaking processes now established or soon-to-be adopted and critical...more
Delayed slightly by the recent government shutdown, the Division of Examinations (the Division) of the Securities and Exchange Commission (SEC) recently published its fiscal year 2026 examination priorities (the...more
From Enforcement to Empowerment: SEC Chairman Paul Atkins Charts a New Regulatory Approach for Digital Assets -
SEC Chairman Atkins promoted a forward-looking regulatory agenda, emphasizing three interlocking priorities: (1)...more
The Trump administration, including the Securities and Exchange Commission (SEC) leadership, has ushered in a push to "democratize" access to alternative investments. Speaking at an Investor Advisory Committee meeting on...more
10/27/2025
/ Accredited Investors ,
Business Development Companies ,
Closed-End Funds ,
Department of Labor (DOL) ,
Investment Company Act of 1940 ,
Popular ,
Private Funds ,
Regulation D ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Securities and Exchange Commission (SEC) Chairman Paul S. Atkins promoted a forward-looking regulatory agenda centered on innovation, market competitiveness, and long-term predictability at the Futures and Derivatives Law...more
In what the agencies are touting as “a new era of collaboration” and “a new day for US capital markets,” the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held a historic joint...more
The Securities and Exchange Commission (SEC) approved proposed rule changes by multiple exchanges to adopt generic listing standards for Commodity-Based Trust Shares, including those that hold digital assets such as...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The Securities and Exchange Commission (the SEC or the Commission) recently released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions (the Agenda). While the Agenda appears undersized at 23 items compared...more
The CFTC-SEC Joint Staff Statement on “Project Crypto–Crypto Sprint” (Joint Statement) lands in the middle of an already-active policy cycle. In July, the President’s Working Group on Digital Asset Markets delivered its White...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The US Securities and Exchange Commission (SEC) approved the use of in-kind creation and redemption mechanisms for cryptocurrency exchange-traded product (ETP) shares on July 29.1 This move aligns crypto-based ETPs with...more