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Retail Investors

White & Case LLP

Saudi Domestic Retail Sukuk: Practical Considerations For Issuers And Financial Advisors

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Saudi Arabia's domestic retail sukuk market is gaining depth and momentum as issuers seek to diversify funding sources and broaden investor reach within the Kingdom. Against the backdrop of Vision 2030 and the continued...more

A&O Shearman

UK Lays SI To Create New Regulated Activity Of Providing Targeted Support

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The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 was laid before UK Parliament and published with an explanatory memorandum. The instrument, following the...more

Carlton Fields

The INVEST Act: A Harbinger of New Investment and Product Development Opportunities?

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In a recent speech before the New York Stock Exchange on revitalizing the securities markets, SEC Chairman Paul Atkins remarked that over the past three decades the number of public companies listed on U.S. stock exchanges...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

K&L Gates LLP

From Gaming to Governance: An Early Primer on Rules and Risks for Prediction Platforms

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Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders...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

Cooley LLP

Cooley’s 2025 Activism Retrospective

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Activists enjoyed a banner year in 2025. From proxy contest wins at blue-chip companies to a partnership with Taylor Swift’s fiancé, engaged shareholders once again demonstrated their capabilities, creativity and readiness....more

DLA Piper

Finfluencers Beware: Canadian Regulators Put Social Media Promoters On Notice

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Social media influencers with large followings and strong opinions on stocks have caught the attention of Canada's securities regulators. On December 11, 2025, the Canadian Securities Administrators (CSA) and the Canadian...more

Akin Gump Strauss Hauer & Feld LLP

Hedge Clauses in Focus: The SEC Charges an Investment Adviser with Four Advisers Act Violations

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

BCLP

Rebalancing Risk to Unlock Growth: How Financial Services Regulation Will Shape the Economy in 2026

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Financial services sit at the heart of the UK government’s modern Industrial Strategy. Designated as one of eight “growth-driving sectors”, it is expected to play a central role in supporting economic growth – yet it faces...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

A&O Shearman

ESMA Second Thematic Note On Clear, Fair And Not Misleading Sustainability-Related Claims

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The European Securities and Markets Authority has published its second thematic note on clear, fair and not misleading sustainability-related claims in relation to environmental, social and governance (ESG) strategies. This...more

Carlton Fields

Exxon Mobil’s Retail Voting Program Invites Retail Investors to Join the Choir

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On September 15, 2025, the SEC’s Division of Corporation Finance issued a no-action letter to Exxon Mobil Corp. confirming that it will not recommend enforcement action under the proxy rules regarding the company’s proposed...more

Skadden, Arps, Slate, Meagher & Flom LLP

Hong Kong Exchange Speeds Up Listing Reviews and Loosens Retail Allocation

The Stock Exchange of Hong Kong Limited (Exchange) has taken a number of initiatives to enhance its attractiveness as a global offering and listing jurisdiction....more

Fox Rothschild LLP

Preparing for the SEC’s 2026 Exam: Priorities for Investment Advisers

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If you work at or with an investment adviser, the SEC’s 2026 examination priorities are critical because they shape what examiners will scrutinize when assessing whether firms are acting in clients’ best interests, keeping...more

A&O Shearman

UK FCA Findings On Complex ETPs

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The UK Financial Conduct Authority (FCA) has published findings from its multi‑firm review on the distribution of complex exchange traded products (ETPs) to retail consumers, highlighting both good practice and areas...more

A&O Shearman

CSSF Circular 25/901: A simplified and modernized framework for Part II UCIs, SIFs and SICARs with proportionate protections per...

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The CSSF’s Circular 25/901 (Circular) consolidates and modernizes the supervisory framework for Luxembourg SIFs, SICARs and Part II UCIs. It replaces several longstanding circulars and codifies CSSF expectations across...more

Carlton Fields

Balancing Retail Private Market Access and Investor Protection: SEC Committee Weighs Regulatory Remix

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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

Skadden, Arps, Slate, Meagher & Flom LLP

The Wait Is Over: New UK Public Offers and Admissions to Trading Regime Takes Effect

On 19 January 2026, the new UK prospectus rules (Prospectus Rules: Admissions to Trading on a Regulated Market, known as the “PRM Sourcebook”) took effect and, together with the Public Offers and Admissions to Trading...more

Morgan Lewis

Securities Enforcement Roundup – December 2025

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In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments from December 2025. ...more

Katten Muchin Rosenman LLP

Retail Capital in Private Markets: Key ILPA Takeaways

Following changes announced by the US Securities and Exchange Commission (SEC) in August 2025, the Institutional Limited Partners Association (ILPA) has recently published an analysis underscoring a structural shift as US...more

Mayer Brown Free Writings + Perspectives

Understanding the Spectrum of Permanent Capital Vehicles

Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable...more

Mayer Brown Free Writings + Perspectives

Staff Report from the Office of the Advocate for Small Business Capital Formation

The Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s activities.  As do prior reports, this Report provides a...more

McDermott Will & Schulte

What’s up, 2026? – ESMA says Finfluencers

As the new year has begun, ESMA just published the Finfluencer factsheet with tips for responsible promotion. These are generally: be honest and clear; don’t fake or mislead; don’t advise; disclose any payments; be...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update November – December 2025

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The following summarizes recent legal developments of note affecting the investment management industry: On November 17, 2025, the SEC Division of Examinations (“EXAMS”) published its annual Examination Priorities applicable...more

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