Investment Manager Regulation – Global Investment Law Watch

United States: From Fast Track to Fine-Tuned: How the SEC’s New Form N-PORT Proposed 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: 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.

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.

Australia: ASIC’s REP 820: Raising the Bar for Australia’s Private Credit Market

Nov 18 2025

By: Matthew Watts and Michelle Huo

Australia’s private credit market has experienced remarkable growth in recent years, with some estimates valuing it at approximately $200 billion.

Australia: Private Credit–Public Interest?

Sep 30 2025

By: Jim Bulling, Ben Kneebush and Thais Fernandes

In February this year, ASIC released a discussion paper seeking industry engagement on actionable ideas to enhance the operation of both public and private markets.

United States: SEC Compliance Outreach on Regulation S-P for Large Firms

Sep 29 2025

By: Jessica D. Cohn and Yonathan Y. Tewelde

On 25 September 2025, staff from the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Trading and Markets hosted a webinar discussing the amendments to Regulation S-P and what to expect when Regulation S-P is in scope of an exam. The amendments, among other things, require brokers, dealers, registered investment advisers, investment companies, and transfer agents (covered institutions) to adopt written policies and procedures for incident response programs to address unauthorized access to or use of customer information, including procedures for providing timely notification to individuals affected by an incident involving sensitive customer information with details about the incident and information designed to help affected individuals respond appropriately.

United States: Upcoming SEC Webinar for Large Firms on Regulation S-P

Sep 23 2025

By: Jessica D. Cohn and Yonathan Y. Tewelde

The US Securities and Exchange Commission (SEC) staff will be hosting a webinar on 25 September 2025 regarding the upcoming compliance requirements under the amendments to Regulation S-P. The session is specifically geared toward large firms and is anticipated to cover expectations around incident response programs, including customer notification, the Division of Examinations’ expectations and potential Risk Alerts from the SEC staff.

Australia: The Regulatory Developments for FY25 That Fund Managers Can’t Afford to Ignore

Jul 09 2025

By: Jim Bulling and Ben Kneebush

As we have now said goodbye to FY25, we look back on some of the more significant regulatory developments that fund managers can’t afford to ignore.

Europe: ESMA Issues Technical Advice to the Commission for Its Review of the UCITS Eligible Assets Directive (EAD)

Jun 30 2025

By: Gayle Bowen and Hazel Doyle

ESMA finally published its long-awaited technical advice for the review of the EAD, which proposes changes to the existing UCITS framework (the Report).

Category:Investment Manager Regulation