On March 30, 2026, the Financial Industry Regulatory Authority (FINRA) proposed amendments to its rules imposing restrictions on the purchase and sale of equity securities offered in initial public offerings (IPOs) (Rule 5130) and new issue allocations and distributions (Rule 5131) to exempt specified collective trust funds (CTFs) from the rules’ prohibitions.
CTFs (also known
Webinar | April 22, 2026
12:00 p.m. – 1:00 p.m. ET
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As mature private companies grow larger and more complex, a sophisticated investor relations strategy becomes essential. Clear, differentiated communications, paired with strong media visibility, can help strengthen reputational capital and even influence market valuation as companies move toward a liquidity event.
On March 27, 2026, the Securities and Exchange Commission (“SEC”) announced its intention to adjust the dollar thresholds used under the Investment Advisers Act of 1940 in determining when a registered investment adviser may charge performance‑based fees. These fees, which tie adviser compensation to investment gains, are generally prohibited except in respect of “qualified clients”
On March 24, 2026, Securities and Exchange Commission Commissioner Hester Peirce spoke at the Investment Company Institute’s 2026 Investment Management Conference laying out a pragmatic path to modernize the fund regulatory framework. Her remarks emphasized that many of the industry’s longstanding pain points are well understood and, in some cases, readily fixable. Among several key
The Investment Company Institute (ICI) released a white paper introducing a proposed subscription data framework (the “Framework”) for retail alternative investments. Developed by its Retail Alternatives Working Group, the Framework aims to standardize data formats and definitions used in subscription documents, improving interoperability across systems and supporting more efficient distribution.
The U.S. alternative investment landscape
On March 19, 2026, the SEC staff issued a new Compliance and Disclosure Interpretation (Question 116.26) addressing how Form S-3 eligibility may impact an existing at-the-market (ATM) offering. The interpretation considers a situation where a company establishes an ATM offering while it qualifies under General Instruction I.B.1, which allows companies with at least $75 million
Webinar | February 26, 2026
8:30 a.m. – 9:30 a.m. ET
Register here.
Due to weather disruptions, this session will be held virtually on Zoom. There will be no in-person attendance.
Join us for a webinar on at-the-market (“ATM”) offerings. ATM offerings continue to evolve as issuers and banks look for greater flexibility, alternative
On January 22, 2026, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change with the Securities and Exchange Commission (“SEC”) to amend FINRA Rule 5123, which governs member filings in connection with private placements. The proposal would expand the rule’s existing accredited investor exemption to cover certain family offices and to include
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 characteristics. For a long while, many fund vehicles, like interval funds and tender offer funds, were not popular, barely attracting any attention from
On November 20, 2025, Securities and Exchange Commission (“SEC”) Commissioner Mark Uyeda delivered remarks at the ICI Retail Alternatives and Closed-End Funds Conference outlining what he characterized as a “diversification deficit” within today’s 401(k) system. The Commissioner asserted that most retirement savers lack access to private market investments that might improve their long-term outcomes. He