News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

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.

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The SEC in a Shutdown: What Advisers Need to Know

Effective Oct. 1, 2025, the U.S. government is in a shutdown. During this time, the SEC will operate at a reduced capacity, meaning only essential staff will perform functions that are necessary to protect human life or property, or to prevent the loss of government assets.

SEC on Amended Reg S-P: This is Happening

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. 

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. 

SEC Webinar: Adoption of Amended Regulation S-P

The SEC announced it will host a webinar regarding the adoption of Amended Regulation S-P for large firms on Sept. 25, 2025, at 1:00 pm ET. The webinar is part of a series of three events regarding the amendments. The other two events, for transfer agents and small firms, will be announced at a later date.

Regulatory Preparedness 2025: Amended Reg S-P

Despite efforts to postpone Amended Regulation S-P, industry experts believe that the SEC is unlikely to postpone Amended Regulation S-P. Given the impending deadline, advisers should work diligently to meet the quickly approaching compliance date.

$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 Charges Investment Adviser for Overcharging Management Fees to Private Funds

On August 15, 2025, the SEC announced charges against a Registered Investment Adviser for its management fee calculation practices for private fund clients. Each fund has a limited partnership agreement (“LPA”) that states the adviser is entitled to management fees and may receive transaction fees, including advisory fees, monitoring fees, and other fees, from portfolio companies.

2025 Regulatory Agenda

SEC Chair Paul Atkins released a statement on Thursday, Sept. 4, 2025, announcing the Office of Information and Regulatory Affairs’ release of the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions.

Study: Over Half of Employees Admit Pasting Sensitive Data into LLMs

According to a recent survey, 78% of employees are already using AI tools at work, even when their companies haven’t set clear policies.

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.

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