By: Thoreau A. Bartman, Meg W. Laurent, Sarah V. Riddell, and Yuki Sako
On 7 October 2026, US Department of the Treasury (Treasury) announced its first civil penalty under the Outbound Investment Security Program (OISP) and this should catch the attention of every CCO.
Read MoreBy: Thoreau A. Bartmann, Lance C. Dial, Jon-Luc Dupuy, and Pablo J. Man
The United States Securities and Exchange Commission (SEC) has long been concerned with investment advisers having access to client assets and investment companies’ safeguarding of fund assets. The custodial framework for investment companies dates back to 1941, and Rule 206(4)-2 (the Custody Rule) for investment advisers was adopted in 1962. Despite amendments and SEC staff guidance over the years, critics argue these rules have not been sufficiently flexible to evolve with modern markets, particularly digital assets.
Read MoreBy: Jon-Luc Dupuy, Timothy C. Foley, Hannah J. Munro, and Jordan A. Knight
On 30 September 2026, the SEC proposed rule amendments advancing Chairman Paul S. Atkins’ “responsible retailization” of private markets, expanding retail access to private-market strategies while adding key investor safeguards.
Read MoreBy: Thoreau Bartmann and Marguerite Laurent
Key Takeaways
On 4 August 2026 the SEC deleted two long dead requirements from its rulebook. SEC.gov | Investment Company Governance Technical Amendments. Specifically, the SEC deleted a requirement that 75% of a fund board be independent and that the board chair be independent, both provisions that had been struck down by a court in 2006, yet were still in the rulebook twenty years later.
Read MoreBy: Thoreau Bartmann, Meghan Flinn, and Steve Topetzes
On 4 June 2026, the Supreme Court unanimously decided Sripetch v. SEC, ruling that the SEC does not need to prove that victims of a securities law violation suffered pecuniary loss to obtain disgorgement.
Read MoreBy: Thoreau Bartmann, Jennifer Klass, Pablo Man, and Keri Riemer
On 9 June 2026 the SEC Division of Examinations published its second risk alert since Atkins became chair. The Risk Alert reminds investment advisers of their fiduciary obligation to disclose economic conflicts of interest that might cause advisers and their financial professionals to recommend certain products, services, or account types. Citing the SEC’s fiduciary interpretation from 2019 and longstanding examination priorities, the Risk Alert identifies the following areas of concern:
Read MoreBy: Gayle Bowen and Shane Geraghty
The Central Bank of Ireland (the Central Bank) today published its long-awaited revised AIF Rulebook, consolidating and modernising the regulatory framework for Irish alternative investment funds (AIFs). The revised Rulebook introduces a number of important flexibilities that will be welcomed by industry and will provide greater flexibility to investment managers when structuring their investment funds to better meet investors’ needs.
Read MoreBy: Thoreau A. Bartmann, Richard W. Burnett, Ruth E. Delaney, Lance C. Dial, Pablo J. Man, and Sarah V. Riddell
On 20 April 2026, the SEC and CFTC jointly proposed yet another round of amendments to Form PF to eliminate filing obligations for many private fund advisers and reduce burdens for many of those who remain subject to the form.
Read MoreBy: Thoreau A. Bartmann, Meghan E. Flinn, Theodore L. Kornobis, and Neil T. Smith
On 7 April 2026, the SEC announced its fiscal year 2025 enforcement results, speaking not only to key actions from the past year but also to its vision for enforcement going forward. The results were the first from the commission under Chairman Atkins, and featured several notable elements:
Read MoreCopyright © 2026, K&L Gates LLP. All Rights Reserved.