California Closes the Door on “Stay-or-Pay”
California recently enacted two new statutes—section 16608 of the California Business and Professions Code and section 926 of the California…
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The SEC’s Growing Focus on Private Credit and Private Market Valuations: What Registered Investment Advisers and Financial Professionals Need to Know
In a typical private credit transaction, a non-bank lender (often a specialized fund managed by an investment adviser) provides financing…
Read MoreSEC Rulemaking in 2026: Three Regulatory Developments Every Investment Adviser and Private Fund Manager Should Watch
The Securities and Exchange Commission (“SEC”) has begun reshaping its regulatory agenda for 2026 with several initiatives that could significantly…
Read MoreCould Thousands of Investment Advisers Be Forced Back to State Registration?
The Securities and Exchange Commission's recent review of the investment adviser registration threshold could have significant consequences for thousands of…
Read MoreDon’t Forget: Continuing Education for IARS
The deadline for California-registered investment adviser representatives (“IARs”) to complete their required Investment Adviser Representative Continuing Education (“IAR CE”) hours…
Read MoreSEC Considers Increase to the Minimum AUM Threshold for Investment Adviser Registration
At the annual conference on federal and state securities cooperation, the Acting SEC Chairman, Mark T. Uyeda, announced the SEC…
Read MoreFinCEN Final Rule: Anti-Money Laundering Program Requirements for Investment Advisers
On August 28, the Financial Crimes Enforcement Network (“FinCEN”), within the U.S. Treasury Department, issued a final rule, the Anti-Money…
Read MoreSEC Reforms Decades-Old Exemption for Internet Advisers
As we have highlighted, on March 27, 2024, the Securities and Exchange Commission (“SEC”) amended the internet adviser exemption by…
Read MoreThe Securities and Exchange Commission Announces Amendments to Internet Investment Adviser Registration Rules
On March 27, 2024, the Securities and Exchange Commission (“SEC”) adopted amended rules regarding the registration requirements that apply to…
Read MoreADVISOR ALERT: California DFPI Proposes New Rule to Adopt the NASAA’s Continuing Education Model Rules for IARs
On November 16, 2022, the California Department of Financial Protection and Innovation (“DFPI”) proposed new regulations under the Corporate Securities…
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