- FinCEN has formally proposed to delay the effective date of the investment adviser AML rule from January 1, 2026, to January 1, 2028.
- The amendment itself is narrowly tailored to delaying the effective date, leaving the substance of the rule intact. However, FinCEN has made clear that it may propose
Private Funds
SEC Spring 2025 Agenda: Key Takeaways for Investment Advisers
By Robert Sutton, Nathan Schuur & Sasha Burger on
On September 4, 2025, the Securities and Exchange Commission (the “SEC”) published its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions (the “Reg Flex Agenda”).[1] Twice per year, Federal agencies, including the SEC, must publish an agenda of proposed rulemakings that they anticipate will have a substantial impact on the economy. The Reg…
SEC Releases Statement on Short Sale and Securities Lending Rules Following Remand by 5th Circuit U.S. Court of Appeals
By Louis Rambo, Frank Zarb & Elanit Snow on
A three judge panel of the U.S. Court of Appeals for the Fifth Circuit recently remanded two rules adopted by the SEC in 2023 for further consideration – Rule 13f‑2 (the short sale rule) and Rule 10c1‑a (the securities lending rule), stating that the agency did not properly consider the cumulative economic impact of the…
SEC Releases Unsurprising But Ambitious Spring 2025 Regulatory Agenda
By Frank Zarb, Louis Rambo, Simon J. Wood & Sophia Coutavas on
- Crypto assets:
What to Expect When You’re Expecting New Investors — Practical Steps Fund Managers Can Take to Prepare for Investments from Registered Funds and Defined Contribution Retirement Plans
By Robert Sutton, Nathan Schuur & Adam Scoll on
Historically, investments in private funds have been reserved for large institutions, defined benefit pension plans, sovereign wealth funds and very wealthy individuals. In recent years, though, the notable difference in returns between private investments and those available in the public markets has increased pressure to expand access to private-market investments for “Main Street” investors. Partially…
Seven Questions for Legal and Compliance Before Adopting AI Transcription Services
By Nathan Schuur & Robert Pommer on
As businesses accelerate their use of automated tools to record and transcribe meetings, risks are growing. The use of these “AI tools” to transcribe meetings, such as witness interviews, expert network calls, investment committee meetings or advisory board discussions can transform ephemeral conversations into permanent records that can affect claims of privilege, complicate data governance…
From Wall Street to Main Street: Investor Advocate Puts Private Funds on the 401(k) Horizon
By Nathan Schuur & Robert Sutton on
On June 25, 2025, the SEC’s Office of the Investor Advocate (OIAD) released its annual report to Congress on its policy priorities for fiscal year 2026. The office was established by Congress to focus on retail investor issues and, in many years, its annual report draws limited attention. This year’s report is notable because it…
Council of the European Union Agrees Mandate to Streamline CSRD and CSDDD Requirements
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 23 June 2025, the Council of the European Union (“Council”) endorsed its negotiating mandate on the European Commission’s Omnibus I proposal, which aims to streamline the Corporate Sustainability Reporting Directive ((EU) 2022/2464) (“CSRD”) and the Corporate Sustainability Due Diligence Directive ((EU) 2024/1760) (“CSDDD”). This initiative forms part of a broader EU strategy to reduce regulatory complexity and enhance…
Beyond the Forest: Navigating the EU’s Deforestation Rules
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
On 15 April 2025, the European Commission (the “Commission”) released new simplification measures relating to the EU Deforestation Regulation (“EUDR”) with the promise of ensuring a “simple, fair and cost-efficient implementation”. This is part of the Commission’s broader agenda for economic competitiveness and to reduce reporting burdens on businesses.
We recap…
Final opportunity to shape SFDR’s future in European Commission’s Call for Evidence
By Rachel Lowe, John Verwey, Michael Singh & Sulaiman Malik on
On 2 May 2025, the European Commission launched its ‘Call for Evidence’ on the review of the Sustainable Finance Disclosure Regulation (SFDR).
The European Commission aims to review the SFDR to simplify the framework, enhance usability, and prevent greenwashing. Stakeholders are invited to submit general feedback rather than answer specific questions…