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
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
The Federal Trade Commission (“FTC”) released a shutdown plan dated September 29, 2025, outlining how it will operate during this lapse in appropriations.
FTC Commissioners are presidential appointees and are excepted...more
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
Two SEC enforcement actions from earlier this month, each including charges against a firm’s Chief Compliance Officer in their personal capacity, underscore the importance of maintaining accurate records and upholding...more
8/1/2025
/ Books & Records ,
Chief Compliance Officers ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Misleading Statements ,
Penalties ,
Personal Liability ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
On July 21, 2025, the Department of the Treasury announced a two-year postponement of the much-anticipated anti-money laundering (AML) rule, adopted by Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2024,...more
7/23/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Compliance ,
Customer Identification Program (CIP) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Regulatory Requirements ,
Rulemaking Process ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
On June 25, 2025, the SEC’s Office of the Investor Advocate (OIAD) released its annual report to Congress on its policy priorities for fiscal year 2026. The office was established by Congress to focus on retail investor...more
6/27/2025
/ 401k ,
Department of Labor (DOL) ,
Investment Funds ,
Investors ,
Private Equity ,
Regulatory Agenda ,
Regulatory Reform ,
Retirement Plan ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In addition to the normal operational and legal risks associated with owning and managing portfolio companies, 2025 has introduced or exacerbated a wave of geopolitical and macroeconomic risks such as inflation, tariffs,...more
On May 12, 2025, the U.S. Department of Justice (DOJ) issued a memorandum outlining the Criminal Division’s enforcement priorities and policies for prosecuting corporate and white-collar crimes in the new Administration....more
Times of economic volatility often increase disparities between a seller’s valuation and the buyer’s valuation of the same company. Earn-out provisions are one tool frequently used to address such disparities. An earn-out...more
6/18/2025
/ Acquisitions ,
Contract Disputes ,
Contract Terms ,
Dispute Resolution ,
Earn-Outs ,
EBITDA ,
Litigation Strategies ,
Mergers ,
Private Equity ,
Risk Management ,
Valuation
Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors. However, as the industry’s “golden age” continues, regulatory...more
Amid a challenging environment for exits, especially in the wake of the recent market volatility, private fund managers continue to pursue alternative strategies, such as term extensions and liquidity solutions, to ride out...more
With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more
6/18/2025
/ Enforcement Actions ,
Enforcement Priorities ,
Fund Managers ,
Investment Advisers Act of 1940 ,
Investment Management ,
Private Funds ,
Regulatory Reform ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Over the past year, regulatory scrutiny of the credit markets has intensified, with the SEC investigating the potential use of material nonpublic information (“MNPI”) relating to credit instruments. The SEC brought a number...more