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Nathan Schuur

Nathan Schuur is a partner in the firm’s Private Funds Group and a member of the Corporate Department. He counsels clients on regulatory and compliance matters related to fund formation across all asset classes.

Nate’s practice focuses on regulatory issues arising under the Advisers Act and Investment Company Act. He advises on regulations surrounding the structuring and operation of funds, including marketing issues, SEC exams, adviser M&A, GP stake sales, continuation funds and stapled transactions. Nate provides legal advice and guidance on a wide range of matters involving the regulation of investment companies, investment advisers, and related entities such as BDCs and ERAs.

Before joining Proskauer, Nate spent several years at the Securities and Exchange Commission. During his time at the SEC, he served as counsel to a Commissioner, where he provided legal and policy advice on rulemaking, enforcement, litigation, and other matters, with a special focus on investment management issues. He also served as senior counsel in the Division of Investment Management. Prior to his SEC tenure, Nate practiced in the funds and regulatory teams of two top law firms. This combination of experience in private practice and at the senior levels of a regulator provides him with valuable perspective in helping funds and advisers navigate complex regulatory requirements and assess risk.

Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation.

Key developments in January 2026:

Asset Management / Wealth Management

2 February – Client Categorisation: The United Kingdom Financial Conduct Authority’s (“FCA”) consultation paper (CP25/36) on its proposals to amend the client

  • FinCEN has now adopted its previously‑proposed two‑year delay in the effective date for the investment adviser AML rule (including the requirements to establish AML programs and file SARs) until January 1, 2028.
  • FinCEN also reaffirmed its intent to use this period to further review and tailor the rule, and it

Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation.

Key developments in December 2025:

Asset Management / Wealth Management

18 December – AIFMD 2.0 Liquidity Management Tools: European Securities and Markets Authority (“ESMA”) published an amended version of its guidelines on

On January 7, 2026, the Securities and Exchange Commission (the “SEC”) proposed updates to the definition of “small entity” for purposes of the Regulatory Flexibility Act (the “RFA”). Although the proposed changes, if adopted, would not directly affect the regulatory burden of any entity, over the long term, they could have a substantial impact on

Overview

On December 19, 2025, the Commodity Futures Trading Commission (the “CFTC”) issued a no‑action letter (the “No‑Action Letter”) that permits many private fund managers registered with the Securities and Exchange Commission (the “SEC”) to forgo registering with the CFTC as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) or to withdraw existing CPO/CTA

On December 2, 2025, Brian Daly, Director of the Securities and Exchange Commission (the “SEC”) Division of Investment Management (the “Division”), delivered remarks to the American Bar Association outlining the Division’s top priorities under his leadership: deregulation, modernization, democratization, and artificial intelligence (“AI”).

Daly noted that the Division’s agenda will largely be driven by the

On December 3, 2025, the Securities and Exchange Commission (the “SEC”) issued an exemptive order to postpone the compliance deadline for Rule 13f-2 under the Securities Exchange Act of 1934 by two years.  The new deadline for compliance is January 2, 2028. Rule 13f-2 was adopted in October 2023 and compliance had already been extended

Overview

On December 10, 2025, the United States Supreme Court will hear arguments in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. to resolve a circuit split and determine whether there is a private right of action for violations of the Investment Company Act of 1940, as amended (the “1940 Act”).

Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation.

Key developments in November 2025:

Asset Management / Wealth Management

17 November – Liquidity Management RTS: The European Commission has adopted Delegated Regulations containing regulatory technical standards (RTS) on liquidity management tools under the Alternative