All Topics

The SEC has proposed amendments to custody rules under the Investment Advisers Act and Investment Company Act that extend beyond crypto assets to address longstanding practical challenges in traditional finance. These modernizations include eliminating PCAOB supervision requirements for private fund audits, codifying fund-of-funds delivery extensions, clarifying discretionary trading authority for non-DVP transactions, and rewriting broker-dealer custody rules for registered funds.

On September 30, 2026, the Securities and Exchange Commission (the “SEC”) published a series of proposals and related notices designed to expand access for individual investors to private markets. If adopted, the proposals would: (i) relax restrictions on performance-based compensation in regulated funds (including business development companies (“BDCs”)) and certain private funds...

On October 5, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) issued an advance notice of proposed rulemaking (the “ANPRM”) seeking comment on a regulatory framework for retail commodity transactions involving crypto assets subject to Section 2(c)(2)(D) of the Commodity Exchange Act, as amended (the “CEA”) (such transactions, “CTXs”).