1. On September 29, 2026, the SEC granted Brian Yarch’s application to lift the limitation that prohibited him from serving as a chief compliance officer of a broker-dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.The limitation arose from a prior SEC proceeding involving Yarch’s conduct as Chief … Read More

1. On August 28, 2026, the SEC Division of Examinations issued a Risk Alert regarding compliance with the Lost Securityholder Rule, Rule 17Ad-17. The SEC identified deficiencies at transfer agents and broker-dealers involving required database searches for lost securityholders, notices to unresponsive payees, written compliance procedures, timing of searches and notices, and recordkeeping. The SEC … Read More

1. On July 29, 2026, Jamie McDonald has assumed the role of United States Attorney for the Southern District of New York. Earlier today, Judge Laura Taylor Swain, Chief District Judge for the Southern District of New York, informed the Office that the Court has appointed Mr. McDonald to serve as United States Attorney for … Read More

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1. On June 1, 2026, the SEC issued an order increasing the dollar thresholds for determining “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940, which governs when advisers may charge performance-based fees. Effective June 29, 2026, the asset threshold increases from $1.1 million to $1.4 million, and the net worth threshold … Read More

1. On April 30, 2026, the SEC approved a Plan of Distribution for Rimar Capital USA, Inc., Rimar Capital, LLC, Itai Liptz, and Clifford Boro.  The case involved fraudulent SAFE offerings, where investors were misled about an AI-driven investment platform, raising nearly $4 million from 45 investors. Fair Fund: $310,000 (from penalties) Distribution: Based on … Read More

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1. On February 25, 2026, the SEC issued an order instituting administrative proceedings against Madison Capital Funding LLC, a formerly registered investment adviser, for selling loans to private fund clients (“the Funds”) without reasonably determining whether those trades were at fair market value, contrary to its obligations under its advisory agreements and representations to investors. … Read More

1. In January 2026, regulators continue to focus on post-commitment period management fee calculations in private equity, viewing them as disclosure and conflict-of-interest risks tied to how advisers define “the base of the bill.” The SEC has warned that some private fund managers are not properly disclosing expenses—such as investment banking, legal, or financing costs—that … Read More

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