News & Analysis as of

Asset Management Securities Regulation

Womble Bond Dickinson

Enforcement Priorities and Policy Changes Detailed at SEC Speaks Conference

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The U.S. Securities and Exchange Commission held its annual SEC Speaks conference on May 19 and 20, 2025, in Washington, D.C. On the second day of the conference, the Staff of the Division of Enforcement hosted two panel...more

Carlton Fields

SEC Engages in “Targeted, Common-Sense” Reorganization

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It has been reported that the Securities and Exchange Commission (SEC) recently reduced head count by an estimated 12% due to the Trump administration’s effort to rapidly downsize the federal government. Particularly hard-hit...more

Jones Day

Holding Proxy Advisors' Feet to the Fire

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Proxy advisors, and specifically ISS and Glass Lewis, are in the business of advising asset managers on whether to vote for or against the thousands of director nominees and proposals that are presented to shareholders each...more

Alston & Bird

SEC Liberalizes Co-investment Relief for Registered Funds and BDCs

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Our Investment Funds Team reviews a development from the Securities and Exchange Commission that paves the way for private funds to launch interval funds and business development companies (BDCs) that operate as co-investment...more

A&O Shearman

EC launches targeted consultation on barriers to EU capital markets integration

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The European Commission (EC) has published its targeted consultation on the integration of EU capital markets under its savings and investments union (SIU) strategy, accompanied by a press release and updated webpage. The...more

Seward & Kissel LLP

SEC Releases Annual Registered Investment Company Update

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Boards of Directors; Portfolio Managers. Quick Take: The staff of the SEC’s Division of Investment Management (Staff) published its...more

Walkers

Central Bank UCITS Q&A – 42nd Edition

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On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")...more

Proskauer - Regulatory & Compliance

Raising the Bar: SEC Evaluating an Increase in Minimum AUM Threshold for Investment Adviser Registration

On April 8, 2025, Acting SEC Chairman Mark T. Uyeda gave a speech signaling that the SEC may revisit the current minimum assets under management (“AUM”) threshold for federal registration, potentially reducing the number of...more

Hogan Lovells

UK FCA Annual Work Programme 2025/26 – what this means for digital assets and blockchain

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On 8 April 2025, the Financial Conduct Authority (FCA) published their Annual Work Programme, detailing what the FCA intends to deliver in 2025/26—read on for our views on what this means for the digital assets space....more

Morrison & Foerster LLP

SEC Staff Issues New Marketing Rule FAQs

On March 19, 2025, the staff of the SEC’s Division of Investment Management issued two new FAQs related to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Rule”). The new guidance reduces the complexity of the...more

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

Winstead PC

Trusts as Qualified Clients: Understanding the Qualified Client Threshold for Trusts Investing in Private Securities - March 2025

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This article is the second of a three-part series discussing trusts in the context of certain common investor thresholds for investment in private securities. This article will examine trusts as “qualified clients” under the...more

Alston & Bird

Thinking Ahead: Increased and New FINRA Fees for Public Offering and Private Placement Reviews

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Our Investment Funds Team reviews changes to two fees from the Financial Industry Regulatory Authority (FINRA) that begin July 1, 2025....more

Seward & Kissel LLP

Platform Deal Considerations

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When presented with an opportunity to join an investment management platform, a prospective manager should carefully take into account the following considerations:...more

K&L Gates LLP

Asset Management Regulatory Year in Review 2024

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2024 was a year of meaningful regulatory change for asset managers globally. The regulatory activity was wide ranging and without a particular unifying theme. In fact, the wide, and in cases diverging focuses of key global...more

SEC Compliance Consultants, Inc. (SEC³)

The Most Wonderful Time of the Year: Form ADV Season

For most investment advisers, March signals the beginning of Form ADV season, where compliance officers gather all kinds of firm data to update a document fraught with potential regulatory liability. For the uninitiated, Form...more

SEC Compliance Consultants, Inc. (SEC³)

Lessons From 2024: Tips for Private Fund Managers

As we look back on the SEC’s actions in 2024, we wanted to share our thoughts on lessons learned that we believe will carry through to 2025....more

K&L Gates LLP

SEC Updates Names Rule FAQs

K&L Gates LLP on

On 8 January 2025, the staff of the Division of Investment Management of the US Securities and Exchange Commission (the SEC) released an updated set of Frequently Asked Questions (the FAQs) related to the amendments to Rule...more

Proskauer Rose LLP

European Regulatory Timeline 2025

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Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more

Offit Kurman

Prudent Investing in Uncertain Economic Conditions

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The Prudent Investor Rule is a legal principal that requires fiduciaries to act in the best interests of a beneficiary and exercise reasonable care, skill, and caution when making investment decisions, which was codified in...more

Walkers

Irish Quarterly Legal and Regulatory Report: Asset Management and Investment Funds October - December 2024

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Welcome to the October - December 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds....more

SEC Compliance Consultants, Inc. (SEC³)

SEC Delivers its Enforcement Report, Industry Says Goodbye to SEC Chair Gensler, and Lessons on Third-Party Transfers and...

Welcome to our December 20243 Regulatory Roundup, where we provide practical advice on the latest regulatory headlines. We start this issue with the SEC’s 2024 enforcement results, which fell somewhat short after its 2023...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

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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

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