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Investment Management

A&O Shearman

UK FCA Delays Changes To The Concentration Rule For Collective Investment Schemes

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The UK Financial Conduct Authority (FCA) has published Handbook Notice No 137, confirming that it is delaying changes to the Collective Investment Schemes Sourcebook (COLL), and specifically to the concentration rule (COLL...more

DLA Piper

ILPA Issues Its Continuation Fund Disclosure Template

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The Institutional Limited Partners Association (ILPA) published its continuation fund disclosure template on January 27, 2026. The template addresses key information that limited partners use to initiate their internal...more

Eversheds Sutherland (US) LLP

Dual Registrant Regulatory Roundup - February 2026

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Cooley LLP

Statement on Tokenized Securities

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On January 28, 2026, the staff of the Division of Corporation Finance, the Division of Investment Management, and the Division of Trading and Markets of the US Securities and Exchange Commission (collectively, the SEC staff)...more

Cooley LLP

Second Institutional Investor Stops Using Proxy Advisors

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Last week, Wells Fargo’s Wealth & Investment Management announced it had launched an internal proxy voting service – powered by Broadridge – and would cut ties to ISS in the process as noted in this Reuters article....more

Baker Botts L.L.P.

U.S. Supreme Court Poised to Address ERISA Pleading Standards for Underperformance Claims

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On January 16, 2026, the U.S. Supreme Court granted certiorari in Anderson v. Intel Corp. Investment Policy Committee, No. 25-498 (U.S.), a case regarding what ERISA plaintiffs must allege at the pleading stage when they...more

Troutman Pepper Locke

Financial Services Industry 2025 Digital Assets Year in Review

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In 2025, the U.S. digital asset landscape evolved more dramatically than in any year since the industry’s inception. A pro‑innovation White House, an active Congress, and key regulators — including the U.S. Securities and...more

A&O Shearman

SEC Staff Statement on Tokenized Securities: New Plumbing, Same Rules

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On January 28, 2026, the Divisions of Corporation Finance, Investment Management, and Trading and Markets of the U.S. Securities and Exchange Commission (the “SEC”) issued a joint staff statement on tokenized securities (the...more

White & Case LLP

Structuring GP stakes investments: Practical considerations for stakeholders

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The "GP stakes" market has grown significantly, with total deal value reaching over approximately $20 billion in 2025 according to data available from With Intelligence highlighting its shift from a niche to a mainstream...more

Cadwalader, Wickersham & Taft LLP

Europe Intercreditors, LP Secondaries Surge, January 2026 - LP-Led Secondaries: The Shift From Cyclical to Structural Growth

Total secondaries market volume rose 48% in 2025, adding to the 45% increase reported for 2024, according to the Jefferies Global Secondary Market Review published earlier this week. Notably, LP volume reached a record $125...more

McDermott Will & Schulte

SEC targets investment advisory agreements in recent enforcement settlement

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

Mayer Brown

Fundamental Changes to the United Kingdom's Taxation of Carried Interest Regime

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WHAT HAPPENED? The Finance Bill 2025/26 proposes substantial changes to the United Kingdom taxation of carried interest....more

Mayer Brown Free Writings + Perspectives

SEC Staff Issues Guidance on the Application of Federal Securities Laws to Tokenized Securities

On January 28, 2026, the Divisions of Corporation Finance, Investment Management, and Trading and Markets (collectively, the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You Don’t Have a Bad 401(k) — You Have a Bad Process

Most plan sponsors don’t wake up thinking, “Let’s mismanage the 401(k) today.” Yet bad outcomes happen all the time — excessive fees, underperforming investments, compliance failures, and, eventually, fiduciary exposure....more

Akin Gump Strauss Hauer & Feld LLP

SEC Investment Management Director Questions ‘Vote-All’ Proxy Practices and Adviser Reliance on Proxy Advisors

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

Cooley LLP

Key Updates in BlackRock’s and Vanguard’s Updated Voting Guidelines

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Here’s an excerpt from this Cooley Alert penned by Brad Goldberg, Beth Sasfai, Michael Mencher, Luci Altman and Vince Flynn (see the full Alert for a recap of about Vanguard’s updates): BIS introduced several notable shifts...more

Ropes & Gray LLP

FCA Priorities for 2026: What Investment Managers Should Focus On

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The Financial Conduct Authority (FCA) has set a clear supervisory agenda for 2026 that blends cultural expectations with faster, targeted enforcement and pragmatic rule reform....more

Ropes & Gray LLP

FCA consults on client categorisation

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The FCA’s consultation paper CP25/36, published on 8 December 2025, sets out proposals on client categorisation and will inform firms’ planning for categorisation assessments and procedures. The consultation closes to...more

Foley Hoag LLP - Public Companies & the Law

SEC and Large Banks Continue Pushback on Proxy Advisers After JPMorgan

The Wall Street Journal is reporting that Wells Fargo has adjusted its approach to proxy voting and its use of proxy-advisory services, adding another high‑profile example to the growing trend of large financial institutions...more

K&L Gates LLP

Investment Management Client Alert January 2026

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On 18 December 2025, the European Securities and Markets Authority (ESMA) published a report on the revised guidelines on liquidity management tools (LMTs) for UCITS and open-ended AIFs. ...more

Mayer Brown

SEC Staff Publishes New Marketing Rule FAQs

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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

McDermott Will & Schulte

Looking ahead: Asset manager M&A in 2026

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

Paul Hastings LLP

To Combat Greenwashing, ESMA Raises the Bar for ESG Integration and Exclusions

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The European Securities and Markets Authority (ESMA) published its second thematic note on sustainability-related claims (Second ESMA Note) on 14 January. The Second ESMA Note focuses on how firms describe ESG strategies in...more

Holland & Knight LLP

Los fondos de pensiones en Colombia podrían verse sujetos a nuevos límites de inversión

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La Unidad de Regulación Financiera (URF) de Colombia publicó para comentarios, hasta el 4 de febrero de 2026, un proyecto de decreto del Ministerio de Hacienda y Crédito Público, mediante el cual se modificaría el Decreto...more

DarrowEverett LLP

Qualified Clients, Accredited Investors, and Performance Fees in Private Funds

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For fund managers, general partners, and sponsors operating private investment vehicles, understanding the regulatory framework governing performance-based compensation is essential....more

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