Investment Advisers Act

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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.…

On September 14, 2026, the staff of the US Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Examinations (the “Division”) issued a Risk Alert (the “Risk Alert”) setting out their examination observations of SEC-registered investment advisers’ (“RIAs”) annual compliance reviews, as required by Rule 206(4)-7 (the “Compliance Rule”) under the Investment Advisers Act of…

On September 3, 2026, the US Securities and Exchange Commission (“SEC” or the “Commission”) proposed the rescission of Rule 206(4)-5 under the Investment Advisers Act of 1940 (the “Advisers Act”), widely known as the “pay-to-play” rule. The SEC will solicit comments on the proposal for 60 days following publication in the Federal Register.

Rule…

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 September 30, 2025, the staff of the Division of Investment Management of the U.S. Securities and Exchange Commission granted no-action relief that allows, subject to numerous conditions: (i) investment advisers registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and (ii) investment companies registered under the Investment Company Act of…

Speaking at the recent conference on Emerging Trends in Asset Management hosted by the SEC’s Division of Investment Management, the Director the Division of Investment Management Natasha Vij Greiner cited a number of statistics from the SEC’s recently published “Registered Fund Statistics.”  She cited the rapid growth of the asset management industry—now comprised of more…

In recent remarks, Commissioner Uyeda addressing the Council of Institutional Investors outlined his concerns regarding several SEC rulemakings.  The members of the Council of Institutional Investors are responsible for combined assets under management of nearly $5 trillion and include state and local government pension plans, among others.  The Commissioner addressed the many rules that have…

Webinar: September 14, 2023

12:30 p.m. – 1:30 p.m. ET

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The SEC recently adopted rules for private fund advisers that would impose new obligations and significantly restrict certain activities. Join us for a discussion on the key requirements, the impact of these new rules and considerations for advisers as they implement these…

On August 23, 2023, the US Securities and Exchange Commission (the “SEC”) adopted final rules imposing additional obligations on and restricting certain practices by advisers to “private funds” (the “Final Rules”). Ahead of our in-depth analysis of the Final Rules, we summarize in this Legal Update certain high-level differences between the Final Rules and the…