News & Analysis as of

Securities and Exchange Commission (SEC) Policies and Procedures Investment Funds

K&L Gates LLP

What a Relief! Co-Investments Get Easier for Interval Funds, Tender Offer Funds, and Business Development Companies

K&L Gates LLP on

The US Securities and Exchange Commission (SEC) has approved a streamlined framework for co-investments involving certain closed-end funds and business development companies (together, Regulated Funds)....more

Paul Hastings LLP

SEC Signals Adoption of Innovative Co-Investment Exemptive Relief

Paul Hastings LLP on

The Securities and Exchange Commission’s Division of Investment Management (SEC) recently issued public notices indicating its imminent decision to grant several applications for a new form of exemptive relief for certain...more

Katten Muchin Rosenman LLP

April Welcomes More Flexible Co-Investment Exemptive Relief Under the Investment Company Act of 1940

On April 3, the US Securities and Exchange Commission (SEC) approved an exemptive application1 that allows for a more flexible co-investment transaction approval process. This new relief simplifies the process followed by...more

Proskauer - Regulatory & Compliance

FCA’s Private Market Valuations Review – Good Practice but Room for Improvement

On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”).  The Review covered a firms operating...more

Mayer Brown

FINRA Reminds Members of Regulatory Obligations When Using Generative Artificial Intelligence (AI) and Large Language Models

Mayer Brown on

On June 27, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 24- 09 (the “Notice”) reminding member firms that FINRA’s rules and the securities laws apply to the use of artificial...more

K&L Gates LLP

SEC Finalizes Amendments to Regulation S-P

K&L Gates LLP on

On 16 May 2024, the Securities and Exchange Commission (SEC) adopted amendments (amendments) to Regulation S-P representing the first major changes to Regulation S-P since its initial adoption in 2000....more

Goodwin

FINRA Proposes to Add ‘Knowledgeable Employees’ to Category of Persons Who May Receive Projections and Targeted Returns Under Rule...

Goodwin on

This amendment builds on FINRA’s recent willingness to relax the prohibition on the use of projections and targeted returns in the marketing materials broker-dealers deliver to institutional investors and qualified...more

Seward & Kissel LLP

SEC Settles Charges with Registered Investment Adviser over Valuation Policies and Procedures

Seward & Kissel LLP on

Who may be interested: Registered Investment Advisers, Boards of Directors, Compliance staff - Quick Take: The SEC settled charges against a registered investment adviser (Adviser) for failing to adopt and implement...more

Herbert Smith Freehills Kramer

SEC Charges Investment Adviser for Failing to Adequately Disclose ESG Investment Policies and Procedures

On Nov. 22, 2022, the Securities and Exchange Commission (SEC) charged an investment adviser subsidiary of a major U.S. financial institution with violations of Section 206(4) of the Investment Advisers Act of 1940 (Advisers...more

Goodwin

SEC Proposes ESG Disclosure Rules for Investment Advisers and Investment Companies

Goodwin on

On May 25, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed a package of new rules to address and enhance investor disclosure practices, and related policies and procedures, regarding Environmental,...more

Eversheds Sutherland (US) LLP

SEC’s focus on compliance: What boards should know

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

Goodwin

SEC Proposes New Round of Money Market Fund Reforms

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) voted to propose money market fund reforms; the SEC also proposed amendments to Rule 10b5-1 trading plans and to modernize and improve share repurchase...more

McDermott Will & Emery

[Webinar] Hedge Fund Legal & Compliance Roundtable - March 3rd, 4:30 pm - 5:30 pm EST

McDermott Will & Emery on

Join us for a virtual roundtable discussion regarding the changing securities regulatory and enforcement landscape. The election of Joe Biden and his subsequent nomination of Gary Gensler as the next chairman of the US...more

Goodwin

SEC Adopts New Regulatory Framework For Registered Fund Derivative Investments

Goodwin on

On October 28, the Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”) and amended related rules designed to provide a modernized,...more

Vedder Price

OCIE Releases Risk Alert Summarizing Observations from Fund Exams and Recent Initiatives

Vedder Price on

On November 7, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert outlining its top compliance observations from examinations of nearly 300 registered funds conducted over a two-year...more

Dorsey & Whitney LLP

SEC Publishes Risk Alert with Observations from Examinations of Mutual Funds, Money Market Funds, and Target Date Funds

Dorsey & Whitney LLP on

On November 7, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert highlighting the most often cited deficiencies and weaknesses observed in recent examinations of registered...more

Akin Gump Strauss Hauer & Feld LLP

2015-16 Compliance Developments & Calendar for Private Fund Advisers

Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more

Dorsey & Whitney LLP

This Week In Securities Litigation

Dorsey & Whitney LLP on

The SEC named ratings giant Standard & Poor’s in three actions this week and one of its senior executives in another. The firm settled all three actions, admitting to a series of facts but not violations of the law in one...more

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