For a decade, SEC rules have permitted general solicitation in private offerings. However, this flexibility has been underutilized as a result of restrictive SEC guidance on verifying accredited investor status.
New SEC...more
On March 19, 2025, the SEC staff published two new Marketing Rule FAQs that relieve issues with displaying investment performance under previous staff guidance. The new FAQs allow advisers to advertise the performance of...more
The SEC’s Division of Examinations (EXAMS) published its report on 2025 Examination Priorities on October 21, 2024.
Areas such as artificial intelligence (AI), cybersecurity and crypto assets are top of mind for EXAMS,...more
11/5/2024
/ Artificial Impairment ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptocurrency ,
Cybersecurity ,
Fees ,
Fiduciary Duty ,
Investment Adviser ,
Outsourcing ,
Private Funds ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
The CFTC has finalized portions of its proposed October 2023 amendments to CFTC Rule 4.7. The CFTC moved forward on:
Raising the thresholds for qualification of certain investors in private funds commodity pool operators...more
Yesterday, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s Private Fund Adviser Rule in its entirety. Dechert LLP represented the Chamber of Commerce of the United States of America in filing an...more
The latest round of revisions to Form PF made a stealthy arrival, with the SEC announcing in mid-February that it adopted the updates without an in-person vote.
As the third set of amendments to Form PF in the past 12...more
At a contentious open meeting on February 6, 2024, the Securities and Exchange Commission (Commission) voted three to two to adopt rule amendments (Final Rules) under the Securities Exchange Act of 1934, as amended (Exchange...more
The Proposed Amendments would permit FINRA members to include targeted returns or projected performance solely if the communication is either: (i) an “institutional communication” as defined in FINRA Rule 22102.; or (ii)...more
The Commodity Futures Trading Commission (Commission or CFTC) voted to announce proposed rule changes on October 2, 2023, that would significantly change the disclosure requirements applicable to registered commodity pool...more
The Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940 (“Final Rules”) in August 2023 that will impose a broad set of new reporting, disclosure and other obligations on...more
10/13/2023
/ Audits ,
Books & Records ,
Documentation ,
Fees ,
Final Rules ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Offshore Companies ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
UCITS
Today, the Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940, as amended (Final Rules) that will significantly reform the scope of reporting, disclosure and other...more
8/24/2023
/ Audits ,
Compliance ,
Consumer Protection Act ,
Disclosure Requirements ,
Dodd-Frank ,
Final Rules ,
Investment Advisers Act of 1940 ,
Investment Portfolios ,
Private Funds ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)