On July 7, 2026, SEC Chairman Paul Atkins issued a statement regarding the SEC’s 2026 Regulatory Agenda. The agenda reflects the Commission’s current emphasis on modernization, regulatory relief, technological innovation, capital formation, digital assets, and expanded retail access to private markets. Several of the planned initiatives could directly affect SEC-registered investment advisers. Others may affect only private fund advisers, registered fund advisers, or firms with particular...

A case from earlier this year provides insight into key areas that registered investment advisory firms should review to help identify and address potential gaps in their compliance programs. Reviewing SEC enforcement cases can help firms identify regulatory priorities, test portions of their own compliance programs, and discuss potential concerns with their internal and external compliance resources. This case details the following violations: · Hedge clause and liability disclaimer...

Advisory fee billing is one of the most important areas for investment advisers to review periodically. It is also an area where errors can occur even when the firm has strong intentions, experienced personnel, and established systems. Many firms rely on custodians, portfolio management systems, billing software, spreadsheets, or internal operations personnel to calculate advisory fees. These tools can be helpful, but they do not eliminate the adviser’s responsibility to ensure that fees are...