PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What is this 40 Act?
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Reflections on the Demise of the SEC’s Private Fund Adviser Rule – LP and GP Perspectives
Videocast: Asset management regulation in 2020 videocast series – Advisers Act regulatory agenda
Videocast: Asset management regulation in 2020 videocast series – Fiduciary investment advice: The patchwork emerges
Videocast: Asset management regulation in 2020 videocast series – Private fund regulatory developments
Regulation Best Interest Videocast Series: Account Monitoring Post-Regulation BI
Podcast - Credit Funds: A Framework for Addressing and Mitigating Conflicts of Interest
On December 11, 2025, President Donald J. Trump issued an executive order directing certain government agencies and departments to review all rules, regulations, and other publications relating to proxy advisors, specifically...more
On January 20, 2026, the US Securities and Exchange Commission (SEC) announced settled charges against two related registered investment advisers for alleged deficiencies in their investment advisory agreements relating to...more
On 15 January 2026, the SEC staff released two new FAQs addressing issues arising under Advisers Act Rule 206(4)-1 (the Marketing Rule). ...more
Proposed amendments would significantly expand small entity thresholds and introduce automatic inflation adjustments. On January 7, 2026, the US Securities and Exchange Commission (SEC) proposed amendments (Proposal) to...more
Rule 206(4)-6 under the Investment Advisers Act requires a registered investment adviser with proxy voting authority to adopt policies and procedures reasonably designed to ensure that proxies are voted in clients’ best...more
Late last year, the US Securities and Exchange Commission's ("SEC") Division of Examinations ("Examination Division") released its 2026 Examination Priorities Report (the "Priorities Report"), the first issued under new...more
The SEC charged the Advisers with four separate violations of the Investment Advisers Act of 1940 (the Advisers Act). Combined, the Advisers were described as having approximately $500 million in regulatory assets under...more
On 11 December 2025, President Trump issued a long-awaited executive order (EO) entitled “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors.” ...more
On January 15, 2026, the Securities and Exchange Commission (SEC) updated its Frequently Asked Questions on Rule 206(4)-1 of the Investment Advisers Act of 1940 (the Marketing Rule) to address the use of model fees and...more
For years, there have been efforts to chip away at the Securities and Exchange Commission’s (SEC) administrative enforcement powers. In particular, in 2024, the Supreme Court ruled in SEC v. Jarkesy, 603 U.S. 109 (2024), that...more
The Foley & Lardner LLP “Spotlight on Securities Enforcement” newsletter will periodically share summary updates regarding developments, appointments, and the like regarding the “Latest & Greatest” from the Securities and...more
On January 15, 2026, the staff of the Division of Investment Management (the “staff”) of the Securities and Exchange Commission (the “SEC”) updated its Marketing Compliance-Frequently Asked Questions (“FAQs”) to include two...more
At the start of 2026, mergers and acquisitions (M&A) and strategic investments remain core tools for alternative asset and wealth managers seeking growth, succession planning, and platform expansion....more
Just before the October federal government shutdown, the SEC staff issued a no-action letter providing some clarity as to when a state-regulated banking or trust institution can serve as a “qualified custodian” under the...more
For fund managers, general partners, and sponsors operating private investment vehicles, understanding the regulatory framework governing performance-based compensation is essential....more
On January 15, Staff from the Securities and Exchange Commission (SEC) published two new frequently asked questions (FAQs) related to the Marketing Rule under Investment Advisers Act Rule 206(4)-1. The new FAQs underscore the...more
The Director of the Securities Exchange Commission (“SEC”) Division of Investment Management (the “Director”) gave remarks this month regarding registered investment advisers (“RIAs”) and their proxy voting responsibilities...more
Notwithstanding the SEC’s recently publicized shift away from “regulation by enforcement,” the practice appears alive and well when it comes to fixed indexed annuities (FIAs). In particular, the SEC’s continuing litigation in...more
On Jan. 15, 2026, the Staff of the Securities and Exchange Commission updated the FAQ page pertaining to Rule 206(4)-1 (the Marketing Rule) under the Investment Advisers Act of 1940. The updated guidance provides potential...more
On January 7, 2026, the Securities and Exchange Commission (“SEC”) proposed amendments to the rules that define which registered investment companies, investment advisers, and business development companies qualify as small...more
On January 7, the SEC proposed amendments to its rules defining which registered investment companies, investment advisers, and business development companies qualify as small entities for purposes of the federal Regulatory...more
The U.S. District Court for the District of Columbia on January 8, 2026, rejected arguments by two former investment advisers that they could be permanently banned from the securities industry only after a jury trial....more
On September 18, 2025, the SEC’s Investor Advisory Committee (IAC) published a major report outlining its recommendations for facilitating increased participation by retail investors in private investment markets. In recent...more
On January 8, the U.S. District Court for the District of Columbia granted the SEC’s motion to dismiss a constitutional challenge to its follow-on administrative proceeding brought by two California-based investment advisers....more
On January 7, 2026, the Securities and Exchange Commission (“SEC”) proposed amendments to the rules that define which registered investment companies, investment advisers, and business development companies qualify as “small...more