PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What are the Different Ways Securities Can Be Offered and Sold? (Part 2)
AdvisorEsq Podcast Series - Episode 8 - Executive Insights: Succeeding as a COO at an RIA Firm
Video | OCIE Supervision Initiative Finds Holes in RIA Supervision & Disclosure Policies
On May 15, 2024, the SEC adopted amendments to Regulation S‑P, adding new obligations for registered investment advisers, investment companies, broker‑dealers (including funding portals), and transfer agents. ERAs and private...more
The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the U.S. Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers...more
On February 10, 2026, the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposed amendments to FINRA Rule 2210 (Communications with the Public) that would permit member broker‑dealers to include performance...more
With the June 3, 2026 compliance deadline approaching, registered investment advisers with less than $1.5 billion in assets under management should be taking steps now to ensure they can meet the SEC’s amended requirements...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
Conflicts of interest are often treated as abstract compliance risks—acknowledged in policies, disclosed in annual questionnaires, and rarely revisited unless a problem surfaces....more
The Financial Industry Regulatory Authority, Inc. (“FINRA”) has proposed changes to FINRA Rule 2210 (Communications with the Public) that would permit FINRA member broker-dealers to include performance projections and...more
As the 2026 midterm election season gets underway, organizations that engage in political activity or government affairs should take stock of where they stand. The start of a new year is an ideal time to review policies,...more
On December 19, 2025, the Market Participants Division (“MPD”) of the Commodities Futures Trading Commission (“CFTC”) issued No-Action Letter No. 25-50, granting interim relief for certain commodity pool operators (“CPOs”)...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
What you need to do: Identify whether your fund family is at or below ~$10 billion in aggregate net assets and whether your advisory business is under $1 billion regulatory assets under management (“RAUM”); confirm Form N-CEN...more
On December 16, 2025, the National Institute of Standards and Technology (“NIST”), a non-regulatory federal agency within the U.S. Department of Commerce that promotes innovation through technical standards setting, released...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 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
The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter to provisionally relieve a type of private fund manager registered with the US Securities and Exchange Commission (SEC) as an investment adviser...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
The Financial Industry Regulatory Authority (FINRA) on January 14, 2026, filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to adopt FINRA Rule 3290 (Outside Activities Requirements). The...more
In December 2025, the Staff of the U.S. Commodities Futures Trading Commission (“CFTC”) issued a no-action letter (the “Letter”) that effectively reinstates the former Rule 4.13(a)(4) exemption from registration as commodity...more
Investment advisers may request confidential treatment of certain information in Form ADV and other filings under the Investment Advisers Act of 1940 (Advisers Act), which currently only the Commission itself has the...more