On March 19, 2025, the SEC Staff published two Marketing Rule FAQs that address some of the more challenging aspects of the Marketing Rule requirement to present net performance information. Specifically, the FAQs provide a...more
3/31/2025
/ Compliance ,
Disclosure Requirements ,
Investment Advisers Act of 1940 ,
Investment Management ,
Marketing ,
New Guidance ,
Portfolio Managers ,
Private Equity Funds ,
Private Funds ,
Registered Investment Advisors ,
Securities Regulation
On March 12, 2025, the SEC Division of Corporation Finance published a no-action letter that facilitates compliance with Regulation D Rule 506(c), which permits general solicitation, for offerings with certain minimum...more
The incoming Trump administration will bring significant changes to regulatory policy as it relates to the asset management industry, and private funds, in particular...more
11/14/2024
/ AML/CFT ,
Anti-Money Laundering ,
Asset Management ,
CFTC ,
Cryptocurrency ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Investors ,
IRS ,
Policies and Procedures ,
Private Funds ,
Proposed Rules ,
Recordkeeping Requirements ,
Rulemaking Process ,
Securities ,
Securities and Exchange Commission (SEC) ,
Tax Cuts and Jobs Act
On Wednesday, the U.S. Court of Appeals for the Fifth Circuit (the “court”) held that the Securities and Exchange Commission (“Commission”) exceeded its statutory authority when it adopted the Private Fund Adviser Rules...more
6/10/2024
/ Certiorari ,
En Banc Review ,
Investment Adviser ,
Judicial Review ,
Pending Litigation ,
Private Funds ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Vacated
Section 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) defines a “dealer” as “any person engaged in the business of buying and selling securities […] for such person’s own account...more
On February 7, the Division of Examinations of the Securities and Exchange Commission (the “Division”) published its 2023 Examination Priorities (the “Exam Priorities”).1 The Exam Priorities indicate a particular Staff...more
9/18/2023
/ Business Development Companies ,
Business Expenses ,
CFTC ,
Compliance ,
Conflicts of Interest ,
Cybersecurity ,
Data Protection ,
Environmental Social & Governance (ESG) ,
Fees ,
Investment Advisers Act of 1940 ,
Private Funds ,
Registered Investment Advisors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
On August 23, 2023, in a 3-2 vote, the SEC adopted a rule package (the “Adopted Rules”) that establishes significant new obligations for private fund advisers under the Investment Advisers Act of 1940. While the Adopted...more
8/28/2023
/ Audits ,
Books & Records ,
Clawbacks ,
Compliance ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On May 3, 2023, the SEC adopted amendments to Form PF that will establish new event-reporting requirements for “private equity fund advisers” and “large hedge fund advisers”, and will require certain additional annual...more
On January 11, 2023, the SEC Staff published a question-and-answer in its Marketing Compliance FAQs that addresses whether an advertisement that includes gross performance information for a single investment (or group of...more
In late 2020, the SEC adopted1 rule amendments that require SECregistered investment advisers to, by November 4, 2022, switch their compliance regimes from the SEC’s current Advertising and Cash Solicitation Rules (Rules...more
3/23/2022
/ Advertising ,
Cash Solicitation Rule ,
Cherry Picking ,
Compliance ,
Disclosure Requirements ,
Endorsements ,
Investment Adviser ,
Marketing ,
New Rules ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Social Media
On February 9, in a 3-1 vote, the SEC approved a rule proposal (the "Proposed Rule”) that represents a sea-change in the Commission’s approach to private funds, with the Proposed Rule including provisions that would impose on...more