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
SEC Releases Unsurprising But Ambitious Spring 2025 Regulatory Agenda
By Frank Zarb, Louis Rambo, John Mahon, Simon J. Wood & Sophia Coutavas on
- Crypto assets:
SEC v. TZP Management Associates, LLC: Insights Into Private Fund Enforcement Priorities Under Chair Atkins
On August 15, 2025, the Securities and Exchange Commission (“SEC”) issued an order settling proceedings against TZP Management Associates, LLC (“TZP”) for allegedly miscalculating management fee offsets between 2018 and 2023. The SEC’s action, based solely on a non-scienter claim, underscores the SEC’s ongoing focus on management fee calculation practices, despite talk of deregulation and…
SEC Formally Withdraws Fourteen Rule Proposals
By Nathan Schuur, Robert Sutton & John Mahon on
On June 12, 2025 the Securities and Exchange Commission (“SEC”) formally withdrew fourteen outstanding rule proposals issued by the prior administration. Although most observers doubted that the current Commission would adopt these proposals, the SEC’s action confirms that any future rulemaking on these topics must start anew with a new proposal and a fresh opportunity…
SEC Further Extends Form PF Compliance Date and Signals Broader Reconsideration
On June 11, 2025, the Securities and Exchange Commission (“SEC”) voted to extend the compliance date for the most recently adopted amendments to Form PF by approximately four months, to October 1, 2025. The amendments were adopted jointly by the SEC and the Commodity Futures Trading Commission (“CFTC”) on February 8, 2024, with an initial…
2024 SEC Enforcement Results – Takeaways for Fund Managers
By Joshua M. Newville & Robert Pommer on
On November 22, 2024, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2024. For key takeaways for fund managers, read our post on Proskauer’s The Capital Commitment blog.
Key Steps for Fund Managers to Avoid Scrutiny Under the SEC’s Pay-to-Play Rule
The SEC’s recent settlement involving a “pay-to-play” rule violation by a private equity firm is a timely reminder for fund managers, especially with the November elections approaching.
As a refresher, Rule 206(4)-5 of the Investment Advisers Act – known as the “pay to play” rule – prohibits investment advisers from receiving compensation for providing advisory…