The SEC proposed amendments to performance fee and interval fund rules aimed at expanding retail investor access to private market strategies.
Continue Reading SEC Proposes Amendments to Expand Retail Access to Private Markets
News & Commentary on Financial Regulatory and Compliance Matters
Richard M. Cutshall is Co-Chair of the firm’s Financial, Regulatory and Compliance Practice, Co-Chair of the firm’s Private Funds Group, and Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, general securities, and corporate matters, including the representation of mutual funds, ETFs, and other funds registered under the Investment Company Act of 1940; fund and ETF independent directors; unregistered investment funds; federally registered, state registered, and federally and state exempt investment advisers; broker-dealers; and an array of public and private companies.
Rich represents investment adviser clients at all stages of their life cycle, from concept and formation through registration, daily operation through wind-down and exiting the business, including representing investment adviser clients on both the buy-side and sell-side in M&A transactions. He also represents clients in all aspects of investment company practice, including organizing and forming new funds and ETFs, registering mutual funds and ETFs with the SEC, and the acquisition and merger of public funds.
In the course of representing investment advisers and public and private funds, Rich advises Greenberg Traurig’s clients on all aspects of securities regulatory compliance, particularly including new and existing SEC rules; SEC examination, regulatory, and investigative initiatives and sweeps; the SEC’s proposal, adoption, and implementation of new regulations, such as the recently rewritten investment adviser marketing rule; and finding compliance solutions related to the regulatory scheme applicable to investment advisers and investment funds, including implementing both novel and long-standing SEC regulatory guidance and interpretations. He also advises clients on the day-to-day aspects of corporate governance, board and adviser fiduciary responsibility, and SEC compliance, as well as assisting clients in all aspects of SEC and other regulatory examinations.
Rich has given presentations on and assists a variety of investment management clients with their compliance with anti-money laundering laws, and has performed annual independent third party audits of several clients’ anti-money laundering policies, programs and controls.
Rich also has experience representing clients in many industries in the sale or acquisition of businesses, formation of corporate entities, sophisticated contract negotiations, and in obtaining, renewing and renegotiating the terms of financing business operations. He routinely works with clients’ chief executive officers, chief financial officers, directors, and in-house general and assistant general counsels, including occasionally working from clients’ corporate headquarters upon request. Rich works with corporate and finance clients of all sizes, from startup family-run businesses and entrepreneurial endeavors to Fortune 500 clients. He also has experience representing clients across many industries, including health care, data management, retail product display and advertising design and manufacturing, industrial manufacturing, and real estate management and brokerage industries.
The SEC proposed amendments to performance fee and interval fund rules aimed at expanding retail investor access to private market strategies.
Continue Reading SEC Proposes Amendments to Expand Retail Access to Private Markets
On August 12, 2026, the SEC’s Division of Investment Management issued a No-Action Letter (the Letter) granting no-action relief to Franklin Templeton under Section 17(f) of the Investment Company Act of 1940 (the 1940 Act) and Rule 17f-2.…
Continue Reading SEC Staff Grants No-Action Relief for Digital Asset Custody
On Aug. 11, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
Continue Reading FinCEN Final Rule Permanently Ends Beneficial Ownership Reporting Requirements for US Companies and US Persons
The U.S. Supreme Court held that ICA Section 47(b) creates no implied private right of action for rescission, shifting potential litigation risks for fund governance challenges to SEC enforcement, Section 36(b) claims, and state-law theories.…
Continue Reading Supreme Court Limits Private Rescission Claims Under the Investment Company Act
The SEC’s Division of Examinations has issued a Risk Alert identifying recurring deficiencies in how investment advisers disclose and manage economic conflicts of interest, with observations spanning cash management recommendations, fee practices, Form ADV disclosures, and compliance program design.…
Continue Reading SEC Division of Examinations Publishes Risk Alert on Economic Conflicts of Interest
On May 18, 2026, the SEC rescinded Rule 202.5(e), ending its decades-old prohibition on post-settlement public denials by settling parties. This shift removes a longstanding settlement friction point and may affect how companies and individuals approach SEC enforcement matters, public communications, and parallel litigation.…
Continue Reading SEC Rescinds Longstanding ‘No-Deny’ Settlement Policy in Enforcement Actions
The SEC has raised the financial thresholds for “qualified client” status under the Investment Advisers Act, with new assets-under-management and net worth requirements taking effect June 29, 2026.…
Continue Reading SEC Raises Threshold for ‘Qualified Client’ Status, Effective June 29, 2026
On Aug. 21, 2025, Judge Margaret Ryan, a former senior judge of the United States Court of Appeals for the Armed Forces, was named the Securities and Exchange Commission’s director of the Division of Enforcement.
Continue Reading SEC Enforcement Director Makes First Public Remarks on the Wells Process and Enforcement Priorities
The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025.
Continue Reading SEC Division of Examinations 2026 Priorities