By: Thoreau A. Bartmann, Meghan E. Flinn, Theodore L. Kornobis, and Neil T. Smith
On 7 April 2026, the SEC announced its fiscal year 2025 enforcement results, speaking not only to key actions from the past year
Global Investment Watch
Global Investment Watch, published by K&L Gates, covers regulatory developments and market trends affecting global investment funds and financial markets. The blog addresses topics such as regulatory reforms in short selling regimes, fund tokenisation and distributed ledger technology adoption, private credit market oversight and compliance, and updates on alternative investment fund managers directives. It also discusses regulatory changes in digital asset obligations and the evolving landscape of fund management practices across jurisdictions including the UK, Europe, Australia, and the United States. The blog provides insights into compliance requirements, supervisory expectations, and legislative proposals impacting investment funds and asset managers worldwide.
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United States: The Last Leg: SEC Extends Trading Relief to Share Class ETFs
By: Thoreau A. Bartmann, Jessica D. Cohn, and Kevin R. Gustafson
With this fourth SEC approval, share class ETFs are now ready to go live.
Since late 2025, the SEC has provided exemptive relief to dozens of managers
…
United States: Did you Predict This? Why Prediction Markets may be Your Next Compliance Headache.
By: Thoreau A. Bartmann, Lance C. Dial, Todd S. Fishman, Pablo J. Man, and Sarah V. Riddell
Prediction markets and event contracts have gone mainstream. Prediction market platforms offer contracts on virtually any event you can
…
United States: 401(k) Plan Access to Alternative Investments–DOL Seeks to Clarify Fiduciary Duties and Proposes “Safe Harbor”
By: Sasha Burstein, Ruth E. Delaney, Pablo J. Man, Robert L. Sichel
On 30 March 2026, Department of Labor (DOL) issued a proposed rule, in response to President Trump’s August 2025 executive order, that seeks to clarify
…
United States: A Place for Every Token and Every Token in its Place: The SEC “Airdrops” Its New Crypto Taxonomy
By: Thoreau A. Bartmann, Lance C. Dial, and Sarah V. Riddell
On 17 March 2026, the SEC and CFTC issued a joint interpretive release establishing a formal taxonomy for crypto assets and when such assets are securities under…
United States: A Recipe for a Settlement: Why the SEC Sent This Private Fund Advisers “Season and Sell” Valuation Practices Back to the Kitchen.
By: Thoreau Bartmann, Sasha Burstein, and Pablo Man
On 25 February 2026,1 the SEC, in one of the few cases brought to-date against a private fund adviser under Chair Atkins, settled charges with a private fund adviser regarding…
United States: Dele-great!: CFTC Staff Allows CPO Delegation Structures to Remain Intact
By: Sarah Riddell, Pablo Man, and Martina Sandoval Iriarte
As previously discussed in our client alert, the industry celebrated the no-action relief from registration as a commodity pool operator (CPO) (the Relief). The Relief, however, raised certain…
United States: Second Circuit Applies Loper Bright to Reject Reliance on SEC Definition of Investment Adviser in Enforcement Action
By: Thoreau A. Bartmann, Theodore L. Kornobis, and Varu Chilakamarri
The SEC has long taken the position that the “expectation” of receiving profits can satisfy the “receipt of compensation” element needed to be an investment adviser. In an…
United States: It’s Official-The SEC Issues a Revised Enforcement Manual for the First Time in Nearly a Decade
By: Thoreau Bartmann, Theodore Kornobis, and Neil Smith
Understanding the SEC’s Revised Enforcement Manual
Understanding the SEC’s enforcement approach is critical for practitioners and regulated entities alike. One of the few public documents describing how the Division of…
United States: But Wait, There’s More–Names Rule FAQ
By Sarah Lamb
By: Thoreau A. Bartmann and Christine Mikhael
On 19 February 2026, the United States Securities and Exchange Commission (SEC) published additional FAQs regarding Rule 35d-1 of the Investment Company Act of 1940, as amended (Names Rule). As you may recall,…