News & Insights

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

Smaller Advisers: Time to Comply with Amended Reg S-P

The final compliance deadline of Amended Reg S-P is finally here. For smaller entities, who manage less than $1.5B in AUM, there are less than two months until the June 3, 2026, deadline.

SEC Eases Burden of Co-Investment for BDCs and Closed-End Funds

On April 29, 2025, the SEC granted an order to FS Credit Opportunities Corp. and its affiliates (the “Applicants”) that permits business development companies (“BDCs”) and closed-end management investment companies (“CEFs”, collectively with BDCs “Regulated Funds”) to participate in co-investment transactions with affiliated funds and accounts that would otherwise be prohibited by Rule 17(d) of the Investment Company Act.

Republican Members of House Financial Services Committee Outline Biden-Harris Era SEC Rules that Should be Withdrawn

On March 31, 2025, Chairman French Hill and all of the Republican members of the House Financial Services Committee sent interagency letters requesting the rescission, modification, or re-proposal of specific Biden-Harris administration actions to the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (SEC).

Flash Reports
28 Mar, 2025

The SEC Votes to End Its Defense of Public Company Climate Disclosure Rules

On March 27, 2025, the Securities and Exchange Commission voted to stop its defense of the rules requiring public companies to disclose climate-related risks.

SEC Examination Lessons for Form ADV

It is that time of the year again, annual ADV amendment filing season. For firms with a December 31, 2024, fiscal year-end, the ADV is due on March 31, 2025.

SEC Updates Marketing Rule FAQ

On March 19, 2025, the SEC updated its Marketing Rule FAQ with new guidance on extracted performance and information on how to navigate the performance versus investment characteristic question.

Flash Reports
18 Mar, 2025

Compliance Dates Extended for Amendments to Investment Company Act “Names Rule”

On March 14, 2025, the SEC announced that the compliance date for the amendments to the Investment Company Act or “Names Rule” will be extended six months to June 11, 2026.

Flash Reports
17 Mar, 2025

SEC No-Action Letter Clarifies 506(c) Exemption for Private Funds

The SEC recently issued a no-action letter with guidance on what constitutes “reasonable steps” to verify that a purchaser is an accredited investor.

SEC Charges Officers at Private Fund Manager for Misuse of Fund and Portfolio Company Assets

On March 7, 2025, the Securities and Exchange Commission (“SEC”) announced settled charges against a registered investment adviser, its former managing partner, and its former chief operating officer for misappropriation of private fund and portfolio company assets.

Flash Reports
12 Mar, 2025

Director of SEC Division of Enforcement Loses Authority to Issue New Investigations Without Commission Approval

In a 3 to 2 decision, a final amended rule was passed by the Securities and Exchange Commission (“SEC”), removing the authority of the Director of the Division of Enforcement to issue formal orders of investigation.

CTA Beneficial Ownership Reporting Delayed, and Treasury Department Suspends Enforcement for U.S. Reporting Companies

After several preliminary injunctions were lifted it appeared that the CTA and its required reporting of beneficial ownership information were back on. In the announcement, FinCEN granted an additional 30-day extension to the reporting deadline, placing the new deadline on March 21, 2025.