News & Analysis as of

Asset Management Compliance Private Funds

SEC Compliance Consultants, Inc. (SEC³)

Predictions for 2025: What Private Fund Advisers Can Expect from SEC Examinations

There has been a lot of conjecture that the SEC may become friendlier to registrants because of the new administration. Given the SEC’s mandate to protect the investing public, however, we do not expect SEC examiners to...more

Hogan Lovells

SFC cautions deficiencies and misconduct in asset management practices

Hogan Lovells on

On 9 October 2024, the Securities and Futures Commission (the “SFC”) issued a circular (the “Circular”) highlighting deficiencies and substandard conduct observed during its supervision of licensed corporations engaged in...more

Holland & Knight LLP

A Bang? A Whimper? Not So Fast: The SEC's Approach to Private Funds Evolves in 2024

Holland & Knight LLP on

As part of its formal fiscal year (FY) 2024 priorities, the SEC's Division of Examinations identified the review of investment advisers to private funds as a key priority. Fresh off the implementation of the Marketing Rule in...more

SEC Compliance Consultants, Inc. (SEC³)

October and November 2024 Regulatory Roundup

After its fiscal year-end frenzy in September, the SEC relaxed slightly, with no new rule-making and fewer enforcement actions. So, I took a break last month and combined the October and November Roundups. (You’re welcome.)...more

Alston & Bird

SEC’s 2025 Examination Priorities: Continued Focus on Private Funds and Cybersecurity

Alston & Bird on

Our Investment Funds and White Collar, Government & Internal Investigations Groups discuss what investment fund advisers and broker-dealers should know about the Securities and Exchange Commission’s Division of Examinations’...more

K&L Gates LLP

SEC Says Crypto ETPs Are Exam Priority

K&L Gates LLP on

On 21 October 2024, the SEC’s Division of Examinations (Division) published its 2025 Examination Priorities (Priorities) to provide insight into what the Division plans to focus on in the 2025 fiscal year. In addition to...more

Patterson Belknap Webb & Tyler LLP

SEC Division of Examinations Announces 2025 Priorities

On October 21, 2024, the Securities and Exchange Commission (“SEC”)’s Division of Examinations (the “Division”) released its 2025 examination priorities....more

Bressler, Amery & Ross, P.C.

Alabama Private Fund Advisers: Time to Become Less Private

The Alabama Securities Commission recently issued an Order exempting Alabama based investment advisers to “private funds” from the requirement to register as investment advisers with the ASC....more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

SEC Compliance Consultants, Inc. (SEC³)

Top Tips for Updating Your 2024 Compliance Program

Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more

K&L Gates LLP

SEC and CFTC Adopt Amendments to Form PF for Increased Disclosure

K&L Gates LLP on

Brief Overview - On 8 February 2024, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF (the Amendments), the confidential reporting form...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance (Updated)

K&L Gates LLP on

On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Alston & Bird

A Practical Guide to the SEC’s Private Fund Adviser Rules: Commentary and Industry Insight

Alston & Bird on

In August 2023, the U.S. Securities and Exchange Commission adopted new rules and amendments to rules under the Investment Advisers Act of 1940, as amended, affecting registered and unregistered advisers to private funds. We...more

K&L Gates LLP

US Asset Management Regulatory Year in Review 2023

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It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more

Seward & Kissel LLP

SEC Division of Examinations Releases its 2024 Examination Priorities

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; and Investment Advisers Quick Take: The staff of the SEC Division of Examinations (Staff) recently released its 2024...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance

K&L Gates LLP on

On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Proskauer - The Capital Commitment

Messaging Missteps: SEC’s Increasing Focus on Off-Channel Communications

The SEC’s Enforcement Division is conducting a sweep investigation of large investment advisers regarding their employees’ use of “off-channel” communications. The sweep, which has been widely reported in the press, focuses...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2021

The regulatory and litigation risks for private funds are greater than at any time since the financial crisis in 2008. Just a few examples prove the point: the pandemic (which caused extraordinary volatility in revenues and...more

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