Global Investment Law Watch – Exploring the legal and regulatory issues affecting the worldwide investment community.

United States: But Wait, There’s More–Names Rule FAQ

Feb 20 2026

By: Thoreau A. Bartmann and Christine Mikhael

On 19 February 2026, the United States Securities and Exchange Commission (SEC) published additional FAQs regarding Rule 35d-1 of the Investment Company Act of 1940, as amended (Names Rule). As you may recall, the SEC adopted the Names Rule amendments in September 2023, extended the compliance date in March 2025, and have published multiple rounds of FAQs. In tandem with these new FAQs, the SEC has delayed compliance with certain N-PORT amendments that related to the Names Rule. More information on the N-PORT amendments can be found in our Blog Post.

United States: From Fast Track to Fine-Tuned: How the SEC’s New Form N-PORT Amendments Refine the Rules for Fund Reporting

Feb 20 2026

By: Thoreau A. Bartmann and Christine Mikhael

On 19 February 2026, the SEC proposed further amendments to Form N-PORT (2026 Proposal). In August 2024, the SEC adopted amendments to Form N-PORT that required more frequent and accelerated reporting for registered investment companies (the 2024 Amendments). The 2024 Amendments would have required registered investment companies to file monthly Form N-PORT reports within 30 days of month-end and would have required information related to the newly amended Investment Company Act Names Rule (Names Rule).

United States: Who Could Have Guessed? Multiple Sponsors File for Prediction Market Based ETFs

Feb 19 2026

By: Thoreau A. Bartmann, Todd S. Fishman, Kevin R. Gustafson, and Sarah V. Riddell

In the last week, multiple ETF sponsors filed for first-of-their-kind ETFs based on event contracts tied to political outcomes. These funds would invest in swaps referencing binary event contracts—or directly in the contracts themselves—tied to which party controls the House and Senate in 2026, and which party wins the 2028 Presidential Election.

United States: The Judge Speaks: The SEC’s New Enforcement Director Provides First Glimpse into Her Priorities

Feb 13 2026

By: Thoreau Bartmann, Lance Dial, Stephen Topetzes, and Meghan Flinn

Judge Margaret Ryan, the newly-appointed director of the Enforcement Division of the Securities and Exchange Commission (SEC) gave her first public remarks this week. Given the “new day” dawning at the SEC, many have been eager to hear her vison for the role of Enforcement at the SEC. Judge Ryan delivered!

United States: Saw This Coming: FINRA Proposes Rule Change to Permit Projected Performance

Feb 12 2026

By: Jessica D. Cohn, Lance C. Dial, and Derek N. Lacarrubba

Everyone wants to know what tomorrow will bring, and FINRA has proposed amendments to Rule 2210 (Proposed Amendments) that would give broker-dealers more flexibility to communicate exactly that – at least as it relates to projected performance and targeted returns. If adopted, the Proposed Amendments would more closely align FINRA Rule 2210 with the rule governing investment adviser marketing (the Marketing Rule).

United States: Predicting the Future of Prediction Markets

Jan 28 2026

By: Todd S. Fishman and Sarah V. Riddell

Prediction markets—once a niche for political mavens and crypto enthusiasts—are gaining traction as platforms become regulated entities and gamified tools attract a broader audience.

United States: New Year, New Marketing Rule FAQs

Jan 21 2026

By: Lance C. Dial, Jennifer L. Klass, and Pablo J. Man

On 15 January 2026, the SEC staff released two new FAQs addressing issues arising under Advisers Act Rule 206(4)-1 (the Marketing Rule). These FAQs provide important, if technical, guidance to advisers on key provisions of the Marketing Rule and show continued Staff willingness to issue guidance in the form of FAQs.

United States: Disgorgement Debate: Supreme Court to Hear Sripetch v. SEC

Jan 15 2026

By: Hayley Trahan-Liptak, Christopher F. Warner, and Bridget K. McKelvey

The Supreme Court will soon once again weigh in on the US Securities and Exchange Commission’s (SEC) enforcement powers, this time addressing whether disgorgement is available without showing that victims suffered pecuniary harm. Last week, the Supreme Court agreed to hear SEC vs. Sripetch, et al., a Ninth Circuit decision affirming a disgorgement award despite the SEC’s failure to demonstrate defrauded investors suffered pecuniary harm.¹

Europe: UK Reform of Short Selling Regime–FCA Consultation

Dec 12 2025

By: Andrew Massey, Kai Zhang, and Ron Feldman

The Financial Conduct Authority (FCA) is consulting on changes to the short selling regime in the United Kingdom (UK), as set out in Consultation Paper CP25/29.

Europe: UK FCA Looks to Accelerate Fund Tokenisation and Direct Dealing

Dec 01 2025

By: Andrew J. Massey, Kai Zhang, and Zainab Kuku

The FCA has published Consultation Paper CP25/28 with a view to accelerating the adoption of tokenisation by UK authorised funds. The consultation also proposes changes to allow direct dealing models, which would facilitate tokenisation as well as improve the operating environment for UK authorised funds generally.