For most registered investment advisers (RIAs), their annual update to Form ADV will be due on March 31, 2025. We have received several questions about “custody” and peculiar situations where RIAs may inadvertently have...more
There have been a lot of developments at the Securities and Exchange Commission since Chair Gary Gensler resigned on January 20 during President Trump's inauguration. Most of those are groundbreaking, but the last one is just...more
2/27/2025
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The international accounting firm RSM recently published a white paper/client alert regarding outsourcing private equity fund administration. This article raises very interesting points. As firms that focus on the private...more
Morris, Manning & Martin, LLP’s Securities & Corporate Governance Quarterly Newsletter is designed to update public and private company clients on recent developments in federal securities laws and corporate governance...more
12/13/2024
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A recent report from the SEC's Office of the Advocate for Small Business Capital Formation presents a study on how the Rule 506(c) exemption under Regulation D of the Securities Act of 1933 is used in fundraising by venture...more
Recently, the SEC settled another administrative proceeding under the Advisers Act's Marketing Rule. This time, the SEC focused on advertisements that a hedge fund sponsor made to prospective investors. The hedge fund's...more
Correspondence between the SEC Staff and an ESG-focused ETF sponsor shows that we are still struggling to define “Sustainable” and “ESG” for purposes of securities filings....more
There has been much ink spilled over the Marketing Rule and the Private Fund Rule under the Investment Advisers Act of 1940. These rules represent significant regulation of investment advisers, imposing specific affirmative...more
As the SEC has issued a number of final or proposed rules affecting broadly the conduct of broker dealers and investment advisers in the past few years, I have received a lot of questions about new compliance concerns....more