On October 9, 2026, the Securities and Exchange Commission proposed amendments to Rule 17a-7 under the Investment Company Act of 1940, as amended, that would expand the types of securities eligible for cross trading between registered investment companies (“registered funds”) and certain affiliated persons. The proposed amendments are a welcome development for the industry, and
The Evolving Structured Products Disclosure Framework and Regulatory Developments on the Horizon
Webinar | October 26, 2026
11:00 a.m. – 11:30 a.m. EDT | 3:00 p.m. – 3:30 p.m. GMT | 4:00 p.m. – 4:30 p.m. CET
Register here.
The US regulatory landscape for structured products continues to evolve, bringing new opportunities, considerations, and challenges for market participants. Join SRP and Mayer Brown for a discussion
SEC Proposes Amendments Addressing Retailization; Modernizing Regulated Funds and Performance-Based Compensation
On September 30, 2026, the Securities and Exchange Commission (the “SEC”) issued two proposing releases containing amendments that would materially affect how business development companies (“BDCs”) that have elected to be regulated under the Investment Company Act of 1940, interval funds and other registered funds are structured, as well as their compensation and distribution models.
The SPV Series: Practical and Structuring Considerations for Multi-Layer SPVs
Given the continued and growing interest in special purpose vehicles (“SPVs”) as a means of accessing private market investments, we are publishing a series of posts that examine different aspects of these structures. This is our third post in the series, exploring structuring and regulatory issues that arise when SPVs are formed to invest in
Proposed Expansions to the Accredited Investor Definition for Natural Persons
Earlier this week, the Securities and Exchange Commission continued to implement its capital-formation agenda by publishing a number of notices aimed at modernizing the definition of “accredited investor,” including introducing the possibility of a long-discussed accredited investor exam.
Continue reading this Legal Update.
SEC Division of Corporation Finance Issues FAQs on the Application of Federal Securities Laws to Crypto Assets
On September 25, 2026, the Staff of the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) published a set of responses to frequently asked questions (the “FAQs”) regarding the application of the federal securities laws to certain crypto assets and certain transactions involving crypto assets. The Division slightly updated
BDC Facts & Stats 2026
Business development companies (“BDCs”) continue to be an important source of capital for private equity-owned, small- and middle-market companies and an attractive investment vehicle for investors seeking exposure to private credit. As the BDC market has grown, sponsors and investors have increasingly focused on alternative BDC structures, capital raising, leverage, advisory arrangements and other key
Revamping Abbreviated Disclosure Requirements for Equity-Linked Securities 30 Years Following Issuance of the Morgan Stanley No-Action Letter
This week, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission granted our no-action letter modernizing and expanding the framework established with the issuance of the 1996 Morgan Stanley no-action letter (“MS Letter”). This no-action letter relief confirms the application of the abbreviated disclosure approach described in the MS Letter
SEC Innovation Exemption
On September 17, 2026, the Securities and Exchange Commission (the “SEC”) issued an order (Release No. 34-106402; File No. 4-927) granting five-year, temporary exemptive relief allowing (1) qualifying tokenized securities venues that provide innovative automated market makers (“AMMs”) and liquidity pools (together referred to as “AMM Liquidity Pools”) to facilitate trading of National Market System
From Paper Ledgers to Blockchain: SEC Proposes Transfer Agent Rule Modernization
Yesterday, on September 1, the Securities and Exchange Commission wrapped up what has been a very busy summer by proposing amendments to the rules and forms governing registered transfer agents. If adopted, this will be the first significant update to this regulatory framework in over four decades, a change many believe is long overdue. As