On April 28, 2026, the SEC issued a final order adjusting the dollar thresholds under Rule 205-3 of the Investment Advisers Act, effective June 29, 2026. The assets-under-management threshold rises from $1.1 million to $1.4 million, and the net worth threshold rises from $2.2 million to $2.7 million (excluding the value of a primary residence). […]

On March 12, 2025, the SEC’s Division of Corporation Finance responded to a March 6, 2025 request from Latham & Watkins LLP and agreed that an issuer can satisfy Rule 506(c)’s “reasonable steps” requirement to verify accredited investor status simply by requiring a high minimum investment — at least $200,000 for individuals or $1,000,000 for […]

U.S. SEC Division of Examinations Announces 2026 Exam Priorities On November 17, 2025, the U.S. Securities and Exchange Commission (SEC or Commission) Division of Examinations (Division) published its annual examination priorities (Priorities) outlining areas of perceived risk and topics that the Division plans to focus on in the new fiscal year. Investment Advisers Adherence to […]

March 17, 2026 –  U.S. SEC, “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets”.  The interpretation is an effort to establish a clear federal regulatory framework for crypto assets This seminal interpretation is the first step implementing the SEC’s rulemaking agenda related to crypto assets […]

The US Securities and Exchange Commission Division of Investment Management Staff recently issued a no-action letter permitting, among, other things, registered investment advisers to use state trust companies to custody crypto assets.  This position is an indication of the increased acceptance of Crypto Assets as an asset class and the increased demand for Crypto Asset […]

Family offices are a source of capital for smaller, emerging managers.  Traditionally seeking to chase returns and investing in smaller and nimble managers offering an opportunity for start-ups to emerging managers seeking capital. Regulatory changes are also shaping the investment environment. The US Securities and Exchange Commission recently provided guidance in an effort to expand […]

For 2025, the Securities and Exchange Commission’s Division of Examinations announced its 2025 exam priorities for “registered” investment advisers. Next year’s examinations will prioritize areas such as fiduciary duties and standards of conduct for investment advisers, and cybersecurity, artificial intelligence (AI), and anti-money laundering (AML) for various market participants. In addition to conducting examinations in […]

A new business ownership disclosure rule became effective in 2024 but many do not know about

Effective October 1, 2024, Florida allows for both increased opportunities for Florida-based businesses to raise capital within Florida and strengthened licensing and anti-fraud provisions substantially revising Florida Securities and Investor Protection Act for Florida exemption of investment advisers and its private funds as well as forms and types of private fund offerings for exempt investment […]

Under the prior definition of a QEP, certain persons (including natural persons who are accredited investors, among others) must meet one of two compliance thresholds or a combination of the two in a private fund.  The newly adopted Portfolio Requirement doubles the amounts of the two thresholds: The Securities Test will be set at $4 […]