The SEC proposed amendments to performance fee and interval fund rules aimed at expanding retail investor access to private market strategies.
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SEC Staff Grants No-Action Relief for Digital Asset Custody
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.
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SEC Creates Financial Reporting and Accounting Unit in Enforcement Division
On Aug. 5, 2026, the Securities and Exchange Commission announced a new specialized unit within its Division of Enforcement focused on accounting and financial reporting fraud, as well as broader misconduct in the accounting and auditing areas.
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SEC Division of Examinations Publishes Risk Alert on Economic Conflicts of Interest
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.
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SEC Rescinds Longstanding ‘No-Deny’ Settlement Policy in Enforcement Actions
On May 18, 2026, the SEC rescinded Rule 202.5(e), ending its decades-old prohibition on post-settlement public denials by settling parties.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.
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SEC Raises Threshold for ‘Qualified Client’ Status, Effective June 29, 2026
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.
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SEC Clarifies Status of Crypto Assets Under Federal Securities Laws, Signals Potential Exemptive and Safe Harbor Framework
On March 17, 2026, the U.S. Securities and Exchange Commission issued an interpretive release addressing the application of the federal securities laws to crypto assets and related transactions.
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SEC Issues Extension for Compliance with Section 16(a)
The U.S. Securities and Exchange Commission recognized that processing delays associated with the unusually large number of Form ID applications being submitted due to the Holding Foreign Insiders Accountable Act may contribute to FPIs failing to meet the March 18, 2026, deadline to comply with such Section 16(a) reporting requirements.
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SEC Enforcement Director Makes First Public Remarks on the Wells Process and Enforcement Priorities
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.
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SEC Division of Examinations 2026 Priorities
The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025.
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