By Thoreau A. Bartmann, Lance C. Dial, Pamela A. Grossetti, and Pablo J. Man
On 15 October 2026, the Securities and Exchange Commission approved amendments to FINRA Rule 2210 that will permit broker-dealers to include projected performance and targeted returns in certain investor communications.1
Read MoreBy: 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: Pablo J. Man, Neil T. Smith, and Hayley Trahan-Liptak
A call from the Staff at the Division of Examinations (Exams) of the Securities and Exchange Commission (SEC or the Commission) notifying a registrant of an exam has long induced uncertainty and concern, even though exams generally follow a standard playbook. Stating a goal of increased transparency and productivity, the SEC released The SEC Exam Handbook: A Practical Guide on Process and Engagement (the Handbook), which outlines a roadmap for examinations and the Commission’s expectations for registrants. For registrants who have been examined before, there will be no surprises.
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 A. Bartmann, Lance C. Dial, and Sarah V. Riddell
The SEC and its staff continue their efforts to clarify the somewhat murky regulatory environment for crypto assets. On Friday, 25 September 2026, the staff of the SEC’s Division of Corporation Finance issued new FAQs on its March Taxonomy (the “Crypto FAQs”).
Read MoreBy Tamika Bent, Timothy Foley, Sarah Riddell, and Sanjeev Bhasker
The SEC and CFTC have separately granted relief for the advancement of crypto-based trading infrastructure in US markets, in an apparent direct response to Congress’s stalled efforts to move the CLARITY Act forward.
Read MoreBy: Thoreau A. Bartmann, Lance C. Dial, Jennifer L. Klass, and Pablo J. Man
Sometimes, people like to give money to other people. Sometimes, those other people are politicians. Sometimes those politicians are officials of government entities whose funds investment advisers manage in exchange for compensation. There are lots of reasons someone would give money to politicians, but, over the last almost-sixteen years the SEC made it challenging for employees of investment advisers to give politicians money. Today the SEC has just proposed to undo that.
Read MoreThoreau A. Bartmann, Tamika P. Bent, Sanjeev Bhasker, Todd S. Fishman, Sarah V. Riddell, and Andrew M. Wright
During the first part of 2026, the US Commodity Futures Trading Commission (CFTC or the Commission) has undertaken a sweeping campaign to protect its asserted exclusive jurisdiction over prediction markets—the markets on which event contracts are traded. This effort includes a set of wide-ranging public remarks by its new chairman outlining a broad regulatory program, a set of lawsuits and case filings across the country, and a series of administrative measures, including proposed rulemakings.
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