Regulatory and Compliance

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…

In July 2025, the SEC settled charges against the Chief Compliance Officers (CCOs) of two investment advisers that involved backdating compliance documents and attempting to conceal these fabrications from examiners. The settlements imposed civil monetary penalties for both officers as well as a three-year bar for the more severe violation.

These actions reinforce a lesson…

The Federal Trade Commission (“FTC”) released a shutdown plan dated September 29, 2025, outlining how it will operate during this lapse in appropriations.

FTC Commissioners are presidential appointees and are excepted from furlough during the shutdown. According to the shutdown plan, furloughs will be issued on a rolling basis for the staff to properly address…

The U.S. Department of the Treasury (“Treasury”) has been active in the context of the Committee on Foreign Investment in the United States’ (“CFIUS”) and the Outbound Investment Security Program (“OISP”). The main updates relate to: (1) Treasury’s announcement of an intent to launch a Fast Track Pilot Program under CFIUS for Foreign Investors; and (2) the review of Silicon Valley firm Benchmark Capital’s investment in Manus AI, a Chinese-linked startup.

Positive Development for Investors from Allied Nations

In a further solidification of the Administration’s efforts to isolate identified adversaries and strengthen U.S. leadership key strategic technologies, the Administration issued the America First Investment Policy Memorandum with the stated aims to maintain the country’s “open investment environment” towards allies and partners, while also protecting it from “new and evolving threats” arising from foreign adversaries. Id.

As we head further into 2025, the landscape of SEC exams and enforcement is poised for significant shifts. How will the SEC adapt to emerging trends and evolving market dynamics? In the first issue of Beyond the Deal in 2025, four of our regulatory lawyers weigh in on what to expect. From new regulatory priorities…

The Federal Trade Commission (“FTC”) has announced a final rulemaking on a unanimous vote that will expand the reporting requirements for mergers and acquisitions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). The new reporting requirements will go into effect after the new year in mid-January 2025. No changes will be made…