Podcast: Credit Funds: Hot Topics in BDC Regulation
Podcast: Credit Funds: 1940 Act Interval Funds
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
This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended September 30. Please see full publication below for more information....more
Who may be interested: Investment Companies; Investment Advisers; Boards of Directors - Quick Take: Following the notice of intent to grant relief in September, and having received no request for a public hearing into the...more
On September 30, 2025, the staff of the SEC’s Division of Investment Management issued a no-action letter permitting registered investment advisers (RIAs) and registered investment companies, including business development...more
On September 29, 2025, the SEC issued a notice of an amended application for an exemptive order to permit the applicant open-end management investment companies registered under the Investment Company Act of 1940 to offer a...more
The following summarizes recent legal developments of note affecting the investment management industry: On September 30, 2025, the SEC Division of Investment Management (the “Division”) issued a no-action letter permitting...more
The Securities and Exchange Commission recently issued a notice regarding intended exemptive relief (the “Notice”) that would permit an open-end management investment company (referred to herein as an “open-end fund”)...more
Digital Asset Treasury Companies (“DATCOs”) are a new class of public companies whose treasuries hold significant amounts of digital assets on their balance sheets. As distinguished from a public company that uses digital...more
The Wall Street Journal reported last week that “Popular Leveraged Funds Shock Investors With Huge Losses.” It is important to understand how to offer such instruments consistent with regulatory expectations....more
Until recently, most public-company boards could dismiss corporate crypto exposure as too volatile, too complex, or too murky under U.S. accounting rules. That’s no longer true. Over the past year, regulators and...more
In this episode of Ropes & Gray’s Fully Invested podcast series, asset management partner Jessica Marlin and capital markets counsel Marc Rotter discuss the rise of ‘34 Act funds and what sets them apart in today’s investment...more
The Trump administration, including the Securities and Exchange Commission (SEC) leadership, has ushered in a push to "democratize" access to alternative investments. Speaking at an Investor Advisory Committee meeting on...more
Rule 206(4)-2 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) requires investment advisers registered under the Advisers Act (“Registered Advisers”) with custody of client “funds or securities” to...more
On 30 September 2025, the SEC’s Division of Investment Management (Staff) issued a no-action letter confirming that, with respect to the placement and maintenance of crypto assets, it would not recommend enforcement action if...more
Just before the recent federal government shutdown, SEC staff issued a no-action letter providing some clarity as to who can serve as a permissible custodian under the Investment Company Act of 1940 and a “qualified...more
On this episode of Fully Invested, asset management partners, Eric Requenez and Jessica Reece, along with Josh Lichtenstein, a benefits partner and head of the ERISA fiduciary practice, discuss collective investment trusts...more
On September 30, the SEC Division of Investment Management issued a no-action letter, in response to a law firm’s request, stating it would not recommend any enforcement action against registered investment advisers or...more
On September 30, 2025, the staff of the Division of Investment Management of the U.S. Securities and Exchange Commission granted no-action relief that allows, subject to numerous conditions: (i) investment advisers registered...more
On September 17, 2025, the Securities and Exchange Commission (SEC) issued an order (the order) approving new generic listing standards for certain commodity-based exchange-traded products (ETPs), including those backed by...more
The US Securities and Exchange Commission Division of Investment Management Staff issued a no-action letter permitting registered investment advisers and registered investment companies, including business development...more
On September 30, 2025, the staff of the U.S. Securities and Exchange Commission’s (the Commission or SEC) Division of Investment Management (the Staff) issued a no-action letter (NAL) stating that it would not recommend...more
On September 30, 2025, the Office of the Chief Counsel of the Securities and Exchange Commission’s (SEC) Division of Investment Management (the Division) issued a no-action response (the No-Action Letter) stating that it...more
Introduction - On 29 September 2025, the US Securities and Exchange Commission (SEC) issued notice of an exemptive application filed by Dimensional Fund Advisors LP, et al. (Dimensional) seeking relief (Relief) to offer...more
Our Investment Funds and Securities Litigation teams explain how the Securities and Exchange Commission (SEC) has clarified the treatment of state trust companies as “banks” for custody of crypto assets, which may expand...more
On September 29, 2025, the SEC issued a notice relating to an amended application filed by DFA Investment Dimensions Group Inc., et al., (“DFA”) for an exemptive order that would permit registered open-end funds to offer a...more