The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025.
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SEC’s Marketing Rule Updates May Provide Relief for Investment Managers
In 2021, the SEC adopted the Marketing Rule, and in 2023, issued an FAQ requiring private fund managers to show net-of-fees performance alongside gross performance. Managers found it difficult to calculate net performance for individual investments, as fees are generally charged at the fund level.
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SEC Expands Confidential Review Process for Draft Registration Statements
On March 3, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued new guidance expanding the availability of confidential (nonpublic) review of draft registration statements (DRS).
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SEC Files Actions Against 4 Public Companies for Negligent Cybersecurity Disclosures
On Oct. 22, 2024, the SEC announced settled administrative actions against four current or formerly public technology companies, finding that the companies all made materially misleading disclosures to investors in
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SEC Division of Examinations 2025 Priorities
The Securities and Exchange Commission’s Division of Examinations (Division) announced its 2025 examination priorities (Exam Priorities) Oct. 21, 2024. These priorities address areas of concern based on recent examinations, and
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SEC Collects $390 Million in Latest Crackdown on ‘Off-Channel’ Communications in the Financial Industry
In the latest installment of its ongoing “off-channel” communications sweep, on Aug. 14, 2024, the Securities and Exchange Commission announced settlements totaling $393 million with 26 investment advisers and brokers-dealers
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SEC Cracks Down on Marketing Rule Violations: Takeaways for Investment Advisers
On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to
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SEC Elects Not to Request a Rehearing on Private Funds Rule
The SEC finalized the Private Funds Rule in August 2023, imposing compliance and regulatory requirements on private fund advisers, as summarized in this GT Alert. The Private Funds Rule
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U.S. Appeals Court Vacates SEC Private Fund Adviser Rule
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit unanimously vacated a rule the Securities and Exchange Commission (SEC) enacted in August 2023 that was intended to protect investors who invest in certain private funds and prevent fraud by the investment advisers to Private Funds.
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SEC Expands Dealer Registration Requirements
On Feb. 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new Rules 3a5-44 and 3a44-2 (the final rules) under the Securities Exchange Act of 1934 (the Exchange
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