News & Insights: Jeremy McCamic

Jeremy leads the Policy Management team, which is responsible for staying current with regulatory changes and how they impact the firm’s investment adviser clients.

Form SHO Deadline Approaches: Will It Be Delayed Again?

The first Form SHO filing was set to be due on Valentine’s Day 2025, but the SEC pushed back the deadline to February 17, 2026. Now, as large entities finalize Reg S-P preparations, and as all compliance programs complete annual IARD renewals, the question for 2026 is: will Form SHO be delayed again?

2026 Examination Priorities Published by SEC Division of Exams

On November 17, 2025, the SEC’s Division of Examinations (“EXAMS”) published its 2026 Examination Priorities. The SEC’s fiscal year runs from October 1st to September 30th, and these annual priorities highlight practices and products viewed by EXAMS as presenting heightened risks to investors and the markets overall.

SEC Reopens: What to Expect After the Shutdown

The longest government shutdown in U.S. History officially ended on November 12th. Government employees are back at work, and the SEC has reopened. However, it may take time for the SEC to return to normal operations.

IARD Annual Renewal: Preliminary Statements Are Live

Despite the government shutdown, IARD renewal deadlines are live, and renewal payments are still due. 

Custody Relief for Crypto Assets: SEC No-Action Letter Benefits Advisers and Registered Investment Companies

On September 30th, the SEC Division of Investment Management gave an answer to the most challenging question for crypto assets: What entities are qualified custodians for crypto assets? Since qualified custodians must meet the definition of a banking institution for both the Adviser Act’s Custody Rule and the Investment Company Act’s.

Amended Form PF Compliance Date Extended Again to October 2026

On September 17, 2025, The Securities and Exchange Commission (“SEC”), jointly with the Commodity Futures Trading Commission (“CFTC”), voted to extend the compliance date for the amendments to Form PF again. 

$75,000 Penalty for Marketing Rule and Recordkeeping Violations

On September 4, 2025, the SEC issued an administrative order (“the order”) against a registered investment adviser (“RIA”) for compliance violations related to the Marketing Rule and the Books and Records Rule, among others. The RIA agreed to pay $75,000 in civil penalties for the violations. 

SEC Abandons Plans to Close Los Angeles and Philadelphia Regional Offices

On August 25, 2025, the Fifth U.S. Circuit Court of Appeals remanded two rules adopted during the Biden administration, giving hedge fund associations a partial victory. The rules were not vacated. However, the Securities and Exchange Commission (“SEC”) must now review them in light of the court’s opinion.

Fifth Circuit Orders SEC to Review Short Selling Rules

On August 25, 2025, the Fifth U.S. Circuit Court of Appeals remanded two rules adopted during the Biden administration, giving hedge fund associations a partial victory. The rules were not vacated. However, the Securities and Exchange Commission (“SEC”) must now review them in light of the court’s opinion.

CCO Charged for Backdating Annual Reviews, and Other Violations of the Advisers Act

On July 11, 2025, the SEC announced settled charges against a registered investment adviser (“RIA”), its CCO, and its president for creating backdated documents and producing them during an SEC examination; failing to adequately disclose conflicts of interest; and overbilling client accounts.

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