An action filed in late November 2025 in the Delaware Court of Chancery by an investor in a private equity fund highlights the potential risks to fund sponsors when investors are dissatisfied with continuation vehicle (“CV”)...more
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation....more
FinCEN has now adopted its previously‑proposed two‑year delay in the effective date for the investment adviser AML rule (including the requirements to establish AML programs and file SARs) until January 1, 2028.
FinCEN...more
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation. ...more
On January 7, 2026, the Securities and Exchange Commission (the “SEC”) proposed updates to the definition of “small entity” for purposes of the Regulatory Flexibility Act (the “RFA”). Although the proposed changes, if...more
On December 29, 2025, the Securities and Exchange Commission (the “SEC”) issued a final rule delegating authority to the Director (the “IM Director”) of the Division of Investment Management (“IM”) to grant, deny, and revoke...more
On December 19, 2025, the Commodity Futures Trading Commission (the “CFTC”) issued a no‑action letter (the “No‑Action Letter”) that permits many private fund managers registered with the Securities and Exchange Commission...more
On December 16, 2025, the Securities and Exchange Commission’s ("SEC") Division of Examinations issued a Risk Alert highlighting several recurring deficiencies in investment advisers’ compliance with the provisions of...more
An action filed last month in the Delaware Court of Chancery by an investor in a private equity fund highlights the potential risks to fund sponsors when investors are dissatisfied with continuation vehicle (“CV”)...more
On December 2, 2025, Brian Daly, Director of the Securities and Exchange Commission (the “SEC”) Division of Investment Management (the “Division”), delivered remarks to the American Bar Association outlining the Division’s...more
On December 3, 2025, the Securities and Exchange Commission (the “SEC”) issued an exemptive order to postpone the compliance deadline for Rule 13f-2 under the Securities Exchange Act of 1934 by two years. The new deadline...more
On December 10, 2025, the United States Supreme Court will hear arguments in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. to resolve a circuit split and determine whether there is a private right of action...more
Welcome to Proskauer’s FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
SEC Commissioner Mark T. Uyeda recently gave remarks in which he argued that the target date funds that are typically included in many 401(k) and other defined contribution plans may be missing out on higher returns and...more
On November 17, 2025, the SEC’s Division of Examinations released its 2026 Examination Priorities (“Priorities”). Despite a shift in “tone at the top” under Chair Atkins, the Priorities indicate that the Division will...more
In May 2024, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-P (the “Amendments”). Compliance with the Amendments is set to become mandatory on December 3, 2025 for most entities covered...more
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation....more
Private fund managers and investors have long been haunted by the risk of a “zombie” fund: an investment vehicle that lasts well past its initial term, potentially creating regulatory risk. While every situation will present...more
In July 2025, the SEC settled charges against the Chief Compliance Officers (CCOs) of two investment advisers that involved backdating compliance documents and attempting to conceal these fabrications from examiners. The...more
10/22/2025
/ Chief Compliance Officers ,
Compliance Monitoring ,
Corporate Counsel ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Personal Liability ,
Policies and Procedures ,
Regulatory Oversight ,
Risk Management ,
Securities and Exchange Commission (SEC)
As of 12:01 am on October 1, 2025, congressionally appropriated funding lapsed for most operations of the United States government. Though the government has shut down, business continues, and market participants that need to...more
FinCEN has formally proposed to delay the effective date of the investment adviser AML rule from January 1, 2026, to January 1, 2028.
The amendment itself is narrowly tailored to delaying the effective date, leaving the...more
On September 17, 2025, the Securities and Exchange Commission (the “SEC”) voted to postpone once more the compliance deadline for the Form PF amendments adopted in February 2024. The deadline, previously set for October 1,...more
On September 4, 2025, the Securities and Exchange Commission (the “SEC”) published its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions (the “Reg Flex Agenda”). Twice per year, Federal agencies, including the...more
Historically, investments in private funds have been reserved for large institutions, defined benefit pension plans, sovereign wealth funds and very wealthy individuals. In recent years, though, the notable difference in...more
On August 15, 2025, the Securities and Exchange Commission (“SEC”) issued an order settling proceedings against TZP Management Associates, LLC (“TZP”) for allegedly miscalculating management fee offsets between 2018 and 2023....more
8/22/2025
/ Contract Terms ,
Disclosure Requirements ,
Enforcement Actions ,
Enforcement Priorities ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud