SEC Guidance and Other Activities
SEC Small Business Capital Formation Advisory Committee - May Meeting
On May 6, the SEC Small Business Capital Formation Advisory Committee had their Spring meeting, which included a discussion on Regulation A. The focus was on “Practical Considerations and Regulatory Challenges” and “continue[d] discussion regarding advantages and challenges of Regulation A with a view towards potential regulatory improvements.”
The agenda and press release are available here.
Chair Paul Atkin’s first remarks are available here.
Paul Atkins Confirmed and Sworn Into Office as SEC Chairman
On April22, Paul Atkins was sworn into office as the next SEC Chairman. He was confirmed by the US Senate along party lines; the vote was 52-44. Previously, Chair Atkins served as an SEC Commissioner from 2002 to 2008 and earlier in his career, he served on the staffs of SEC Chairmen Richard C. Breeden and Arthur Levitt. His term runs through June 5, 2026, but it is expected that his term will be extended (via white house nomination and Senate confirmation) for an additional 5-year period.
SEC press release is available here.
The video of the nomination hearing is available here.
SEC Extends Effective and Compliance Dates for Amendments to Form N-PORT Reporting
On April 16, 2025, the SEC announced an extension of the effective and compliance dates for many types of registered funds to more frequently report portfolio-related information on Form N-PORT. The compliance date for larger fund groups is extended from Nov. 17, 2025, to Nov. 17, 2027, and the compliance date for smaller fund groups is extended from May 18, 2026, to May 18, 2028. The extension is “designed to provide time for the Commission to complete its review of the amendments in accordance with a Presidential Memorandum and take any further appropriate actions, which may include proposed amendments to Form N-PORT.”
The announcement is available here.
SEC Publishes New Data and Analysis About Registered Investment Companies and Money Market Funds
On April 14, 2025, the SEC published new data and analysis in a pair of reports that provide the investing public with updated key information about registered investment companies and money market funds. The data is based on fund filings on Form N-CEN and Form N-MFP.
The Reports are available here:
House Financial Services Committee Outline Their Agency Priorities
On April 1, 2025, Chairman French Hill (AR-02) and House Committee on Financial Services members sent letters to agencies requesting the rescission, modification, or re-proposal of specific Biden-Harris Administration actions.
The press release, areas of inquiry, and specific letters are available here.
SEC Commission Votes to End Defense of Climate Disclosure Rules
On March 27, 2025, the SEC announced it will end its defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions. SEC Acting Chairman Mark T. Uyeda said, “the goal of today’s Commission action and notification to the court is to cease the Commission’s involvement in the defense of the costly and unnecessarily intrusive climate change disclosure rules.” The rules were adopted by the Commission on March 6, 2024.
The SEC press release is available here.
SEC Roundtable on Artificial Intelligence in the Financial Industry
On March 27, 2025, the SEC hosted a roundtable discussion on AI in the financial industry. The roundtable focused on the risks, benefits, and governance of AI in the financial industry. SEC Acting Chairman Mark Uyeda and SEC Commissioners Hester Peirce and Caroline Crenshaw delivered remarks. Tyler Derr, Broadridge Chief Technology and Product Officer, was a panelist.
The announcement and agenda available here.
Links to the YouTube videos of the roundtable are available here:
Marketing Compliance Frequently Asked Questions (“FAQs”)
On March 19, 2025, the Division of Investment Management published responses to questions related to the adoption of amendments to rule 206(4)-1 under the Investment Advisers Act of 1940 in December 2020. The staff expects to update this document from time to time to include responses to additional questions.
The FAQs and responses thereto are available here.
SEC Extends Compliance Dates for Amendments to Investment Company Names Rule
On March 14, 2025, the SEC announced a six-month extension of the compliance dates for amendments adopted in September 2023 to the Investment Company Act “Names Rule,” which addresses fund names likely to mislead investors about a fund’s investments and risks. The compliance date for larger fund groups is extended from Dec. 11, 2025, to June 11, 2026; the compliance date for smaller fund groups is extended from June 11, 2026, to Dec. 11, 2026.
The press release is available here.