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Podcast: Private Fund Regulatory Update – Network and Cloud Storage
Podcast: Keeping Up with Recent Changes and Trends in Private Fund Regulation
On December 16, 2025, the U.S. Securities and Exchange Commission Division of Examinations issued a new Risk Alert providing guidance to registered investment advisers (“RIAs” or “advisers”), investors, and other market...more
The Securities and Exchange Commission’s Division of Examinations (the “Division”) issued a Risk Alert titled “Additional Observations Regarding Advisers’ Compliance with the Advisers Act Marketing Rule.”...more
On December 16, 2025, the staff (“Staff”) of SEC’s Division of Examinations issued a Risk Alert to address its observations regarding investment advisers’ (“advisers”) compliance with the testimonials and endorsement...more
The SEC Division of Examinations issued a Risk Alert on December 16, 2025, providing the Division’s observations regarding advisers’ compliance with the Testimonials and Endorsements Provisions and Third-Party Ratings...more
On December 16, 2025, the SEC’s Division of Examinations (the “Staff”) issued a risk alert (“Risk Alert”) highlighting observations from examinations of investment advisers’ compliance with Rule 206(4)-1 (the “Marketing...more
On December 16, the Securities and Exchange Commission (SEC) published a risk alert on the adviser marketing rule. This is the first risk alert published by the SEC in over a year....more
On April 17, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMS) issued its third risk alert on the amended Rule 206(4)-1 (the Marketing Rule) under the Investment Advisers Act of 1940...more
...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more
Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents* I. Introduction - The SEC-registered investment adviser (“adviser”) population is large and diverse, ranging from global asset managers...more
The Securities and Exchange Commission (SEC) routinely prepares Risk Alerts to provide helpful information to federally registered investment advisors (advisers). On June 8, the SEC released a Risk Alert that described...more
On March 27, 2023, the Securities and Exchange Commission’s (SEC’s) Division of Examinations issued a Risk Alert setting forth typical focus areas reviewed by the staff during its examinations of newly registered advisers....more
The Securities and Exchange Commission (the SEC) routinely prepares Division Risk Alerts to provide helpful information to federally registered investment advisers (advisers). On March 27, the SEC released a Division Risk...more
On March 27, 2023, the SEC’s Division of Examinations (the “Division”) issued a Risk Alert on its observations from examinations of newly-registered advisers. The Division focused on whether newly-registered advisers...more
The SEC's Division of Examinations (Exam) published a Risk Alert on Jan. 30, 2023, summarizing alleged deficiencies its staff observed since Exam started conducting broker-dealer examinations to assess compliance with...more
PE firms face growing regulatory and litigation risks from greenwashing claims as they navigate a fragmented anti-greenwashing landscape. Amid concerns of exaggerated or misleading sustainability claims, the UK Financial...more
The SEC Division of Examinations recently published a Risk Alert on quarterly reports required under Exchange Act Rule 606, which are published by broker-dealers to provide customers with insight into factors influencing...more
Rule 606: EXAMS – the Division of Examinations – published a Risk Alert on November 10, 2022, providing its Observations Related to Regulation NMS Rule 606 Disclosures. That Rule requires broker-dealers to provide enhanced...more
On December 20, 2020, the SEC adopted reforms under the Advisers Act which modernized rules that govern investment adviser advertising and payments to solicitors. On September 19, 2022, the SEC Division of Examinations...more
This article focuses on how the new Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) affects the relationships between investment advisers registered with the U.S. Securities...more
The Division of Examinations issued a Risk Alert on September 19, 2022 focused on Advisers Act Rule 206(4)-1, the Advertising Rule, adopted on December 22, 2020. The Rule becomes effective on November 4, 2022....more
Regulatory Developments - SEC Proposes Rules to Improve Risk Management in Clearance and Settlement and to Facilitate Additional Central Clearing for the U.S. Treasury Market - On September 14, the SEC proposed rule...more
In the last five years, the SEC observed a 70% increase in the value of private fund assets. More than 5,000 SEC-registered advisers currently manage approximately $18 trillion in private fund assets, according to the Risk...more
On October 26, 2021, the SEC’s Division of Examinations (the “Division”) released a risk alert (the “Risk Alert”) detailing observations from a series of examinations by the Division’s staff (“Staff”) that focused on certain...more
Rule 38a-1 under the Investment Company Act of 1940 (the 1940 Act) requires funds to review their compliance programs, as well of those of their service providers, including their investment advisers (advisers), annually....more
The staff of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) recently published a risk alert spotlighting observations from its “RIC Initiatives” — 200+ examinations of mutual...more