For 23 years, an informal SEC rule protected retail investors from private market risks. In August 2025, that ghost rule vanished. Was it investor protection or industry bailout?

The Ghost of 2002: How a 23-Year SEC Rule Protected Retail Investors—Until Private Equity Needed Them

Nine Solana ETF applications face October 2025 SEC decisions with 100% Bloomberg approval odds. Analysis of regulatory changes & market impact.

Solana ETF Approval Prospects, A Comprehensive Regulatory Analysis

Solana ETF Approval Prospects: A Comprehensive Regulatory Analysis

SEC removes $25,000 minimums and accredited investor rules for closed-end funds. Learn how to access private equity through your 401k. Compliance guide included.

SEC opens private equity funds to retail investors - regulatory update September 2025

The Democratization of Private Funds: How New SEC Guidance Changes Everything for Retail Investors

View the SECs Private Funds 2024 Statistics for the third quarter, which paint a picture of a maturing and evolving private fund landscape.

Private Funds 2024: Key Trends and Developments Private Funds

The US Securities and Exchange Commission (SEC) recently released Private Funds 2024 Statistics for the third quarter of 2024, which paint a picture of a maturing and evolving private fund landscape.

Private Funds 2024: Key Trends and Developments Private Fund

Private Funds 2024: Key Trends and Developments

Fintech trends for 2025 reveal a market where venture capital investors and fintech executives are navigating a landscape shaped by technological innovation...

Key Fintech Trends Ventuer Capital 2025

Key Fintech Trends 2025: Venture Capital Strategic Insights

The September 2024 ETF and Mutual Fund Statistics Report, highlights challenges faced by small investment fund managers amid ETF dominance, and more.

SEC-Registered Investment Fund Report: EFT Mutual funds Statistics Let's Support Small Asset Managers

The September 2024 statistics for the SEC-Registered Investment Fund Report is now available. EFT Mutual Funds Statistics.

SEC-Registered Investment Fund Report

14/01/2025 Securities and Exchange Commission (SEC) announced that three investment advisor representatives acting as unregistered brokers had settled charges.

investment advisor fraud USA SEC compliance unregistered brokers Tamir Shabat, Danny Z. Spiegel, and Joseph J. Orlando, Jr.,

On January 14, 2025, the Securities and Exchange Commission (SEC) announced that three investment advisor representatives acting as unregistered brokers, Tamir Shabat, Danny Z. Spiegel, and Joseph J. Orlando, Jr., had settled charges against them totaling approximately US $540,000.

3 Investment Adviser Representatives Acting as Unregistered Brokers Settle SEC Charges

Raising funds for your SaaS FinTech business is no easy task. Most SaaS founders say it is one of the most challenging aspects of running a business.

Raising funds for your SaaS Fintech business is no easy task. Most SaaS founders say it is one of the most challenging aspects of running a business.

Top 10 Strategies for Fundraising in the SaaS FinTech Sector

When we take a look at the number of SEC enforcement actions during the first quarter of this year, it is clear the SEC is intensifying its crackdown on misconduct with unprecedented intensity.

SEC Enforcement Actions for Q1 of 2025 indicates record number of actions

Record-Setting SEC Enforcement Activity in Q1

FinTech startups have the potential to become enormous earners and can help to revolutionize the financial services sector. However, with great opportunities come great regulatory responsibilities.

Legal Essentials Every Fintech Startup Must Know Before Raising Capital PART 1

Learn about all the essentials for your Fintech startup before you raise capital or apply for fintech startup funding.

Legal Essentials Every FinTech Startup Must Know Before Raising Capital

Financial institutions and investment firms base their means of operation on a system of trust.  Providing inaccurate or misleading information is considered a serious offence and the penalty thereof is quite severe.

SEC Case Study of Digital Currency Group Soichiro Moro Genesis Global Capital

SEC v Digital Currency Group and Soichiro “Michael” Moro (Former CEO of Genesis Global Capital) 

The Securities Exchange Commission (SEC) recently charged Ken Leech, the former Co-Chief Investment Officer of Western Asset Management Co., with violating antifraud and other provisions of federal securities laws. 

SEC Charges Ken Leech in Fraudulent Cherry-Picking Scheme

The Securities Exchange Commission (SEC) recently charged Ken Leech, the former Co-Chief Investment Officer of Western Asset Management Co., with violating antifraud and other provisions of federal securities laws.

The SEC set a historic precedent by securing $8.2 billion in financial remedies, the highest in its history, even as the total number of enforcement actions decreased compared to the prior year.

SEC Enforcement Highlights FY 2024: Record Financial Remedies amid Fewer Actions

On November 22, 2024, the U.S. Securities and Exchange Commission (SEC) announced its enforcement results for fiscal year 2024, reflecting a year of impactful actions despite a reduction in overall cases. The SEC set a historic precedent by securing $8.2 billion in financial remedies

Exempt offerings allow businesses to raise funds without complete registration under federal securities laws. Each exemption serves different business needs

Unlocking the Potential of Exempt Offerings: SEC's Market Statistics Report

Insights from the SEC's Market Statistics Report on Exempt Offerings.

Unlocking the Potential of Exempt Offerings

Small businesses are the backbone of the economy, driving innovation, creating jobs, and fueling economic growth. However, their path to securing the capital needed to thrive remains challenging.

Empowering Small Businesses and Startups: SEC Small Business Report

A Deep Dive into the SEC 2024 Small Business Capital Formation Report

Empowering Small Businesses and Startups

Delaware based Macquarie Investment Management Business Trust (“MIMBT”) is a statutory trust.  Their principal place of business is in Philadelphia, Pennsylvania.

Case Study: SEC v. Macquarie Investment Management Business Trust

Macquarie Group Limited is an Australian based financial services provider with a global presence operating in 34 markets. With 55 years of unbroken profitability, they manage assets to the value of $A916.8 billion. Their common stock trades on the Australian Securities Exchange.

Case Study:  SEC v. Macquarie Investment Management Business Trust

Rari Capital Infrastructure LLC, formed in March 2022, was never registered with the SEC and never had any securities registered.

Case Study SEC v. Rari Capital Inc

Case Study:  SEC v. Rari Capital Inc et al

Succession planning isn't just about filling future vacancies ‒ it's about maintaining consistency, bringing in fresh perspectives, and making sure the board has the right skills to support the organization's goals. 

Blog Why Every Board Needs Succession Strategy

Building a Legacy: Why Every Board Needs a Succession Strategy

Inspire Investing LLC (“Inspire”) has been registered with the SEC as an investment advisor since 2017. They provide an investment advisory service to eight exchange-traded funds. They also manage $2.5 billion in regulatory assets.

Case Study SEC Inspire Investing

Case Study: SEC v. Inspire Investing, LLC

Discover the challenges small issuers and fund managers face with Regulation D's Rule 506(c). Learn about the barriers to adoption and proposed reforms to make fundraising more inclusive and effective.

SEC Regulation

VC Funds and Regulation D's Rule 506(c): Challenges and Opportunities for Small Issuers

Explore the SEC v. Merrill Lynch case, highlighting undisclosed fees in FX transactions, legal violations, a $42M settlement, and lessons for transparency and compliance in the financial industry.

Case Study SEC Merrill Lynch

Case Study: SEC v. Merrill Lynch, Pierce, Fenner & Smith Incorporated

Discover key compliance lessons from the SEC's enforcement action against Mango Labs. Learn why decentralization doesn't exempt crypto projects from securities laws and how to align practices with disclosures.

SEC Compliance Law

SEC Enforcement Against Mango Labs: Decentralization Won't Shield You from Regulatory Scrutiny

Explore the SEC's recent actions against Merrill Lynch and Harvest Volatility for fiduciary breaches. Learn critical compliance lessons for investment advisers and DeFi projects to align disclosures with practices.

SEC Enforcement Actions: Merrill Lynch and Harvest Volatility—Transparency and Compliance Are Key

Transparency and Compliance Are Key

Explore why investment advisers must prioritize fair valuations for Level 3 assets. Learn best practices for valuation models, reporting transparency, and compliance to avoid costly SEC penalties.

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Fair Valuations: Why Enhanced Analysis and Reporting Are Essential for Level 3 Assets

Crypto startups face growing SEC scrutiny. Discover how to stay compliant with U.S. securities laws, from asset classification to broker-dealer registration, and protect your business from costly enforcement actions.

How Crypto Startups Can Avoid SEC Enforcement

How Crypto Startups Can Avoid SEC Enforcement: Lessons from Recent Actions

Learn how investment advisers can protect themselves from SEC enforcement on off-channel communications. Explore best practices for compliance, monitoring, and training to avoid costly penalties.

Fintech Law Legal Compliance Services

How Investment Advisers Can Protect Themselves from the SEC's Focus on Off-Channel Communications

Crypto and DeFi founders may assume decentralization exempts them from regulation, but SEC actions against projects like Rari Capital and BitClout show otherwise. Discover why compliance is essential and how founders can avoid costly mistakes in the evolving regulatory landscape.

Decentralization Won't Protect You

Decentralization Won't Protect You: Why DeFi and Digital Asset Startups Can't Ignore Legal Responsibilities

Learn how side pockets have evolved from a crisis-era tool to a modern fund management strategy for isolating illiquid assets, attracting investors, and enhancing hedge fund flexibility. FinTech Law explains the practical applications and considerations of side pockets.

What's in a Side Pocket? A Key Strategy for Modern Hedge Funds

Tech startups need to ensure compliance with SEC whistleblower protections under Rule 21F-17(a) to avoid penalties. Learn how reviewing agreements, educating management, and staying proactive can protect your business from costly enforcement actions.

SEC | Ensuring Compliance for Startups and Tech Companies

Ensuring Compliance: How Startups and Tech Companies Can Avoid SEC Whistleblower Violations 

Learn how the SEC's case against Inspire Investing shows the risks of overstating AI and automation in investment processes. Discover best practices for ensuring your disclosures accurately reflect your current operations to avoid regulatory penalties.

The Problem with “Whitewashing” Investment Processes: Lessons from SEC Enforcement

Learn how crypto startups can avoid SEC enforcement with proactive compliance strategies. From token classification to broker-dealer registration, find out how to stay compliant and protect your platform from costly penalties.

Bitcoin and Law | How Crypto Startups avoid SEC Enforcement

Discover how investment advisers and broker-dealers can stay compliant with SEC whistleblower protection rules. Learn best practices to avoid violations under the Dodd-Frank Act and protect your firm from enforcement actions.

Whistleblower Protection Compliance

Avoiding SEC Violations: How Investment Advisers and Broker-Dealers Can Comply with Whistleblower Protection Rules 

Learn about the SEC's new amendments to N-PORT and N-CEN reporting, service provider disclosures, liquidity risk management, and how small fund families can prepare for the 2025 compliance deadlines.

Financial Reporting | Hand Over Reports Holding Magnifying Glass

SEC Amendments to N-PORT and N-CEN Reporting: What Fund Managers Need to Know

The SEC penalizes Macquarie Investment Management for overvaluing illiquid securities and improper cross trading, highlighting the importance of Rule 2a-5 in ensuring accurate asset valuation and protecting investors.

SEC Sanctions Macquarie Investment Management for Overvaluation and Cross-Trading Violations

Learn about the SEC's updated dollar threshold for 3(c)(7) funds under the Investment Company Act, increasing from $10M to $12M. Discover how this change impacts venture capital firms and what compliance steps are necessary for fund managers.

SEC Updates Dollar Threshold for 3(c)(7) Funds: What Venture Capital Firms Need to Know

Discover key legal lessons from the SEC's case against Nader Al-Naji, founder of BitClout. Learn why decentralization and legal opinions won't shield founders from regulatory responsibilities and how transparency, compliance, and due diligence are crucial in the crypto space.

SEC and Bitcoin | Decentralized but Not Devoid of Responsibility: The Case Against Nader Al-Naji

Decentralized but Not Devoid of Responsibility: The Case Against Nader Al-Naji 

The intersection of artificial intelligence (AI) and financial technology has given rise to innovative solutions, with ChatGPT emerging as a powerful tool for startups in the fintech sector, including Fintech Law. 

Connecting AI and Fintech Law

Crypto regulation in the US is still uncertain, despite hopes that the FTX scandal expertly covered in an article by Forbes, would prompt clearer guidelines of the issues that can arise and the pressing concern for better regulations put in place. 

Crypto Corner Weekly: What Investors and Businesses Should Expect Going Into 2024

The current financial system is built on trust in intermediaries, which is problematic as many people do not trust their banks and 2.8 billion adults are underbanked. The system involves multiple banks and takes up to three days and costs around $20 to send money from one country to another. This is because the banks do not know each other, so intermediary banks are needed to facilitate the transaction. However, this creates a single point of failure if one of the intermediary banks goes out of business. 

Blockchain Basics: The Next Fintech Revolution

A blockchain is a decentralized digital ledger that records information across many computers so that it cannot be altered retroactively. Once some data has been recorded inside a blockchain, it becomes very difficult to change it. It is secure because it uses hashing and the proof-of-work or proof-of-stake mechanism and is distributed among a peer-to-peer network.

Blockchain Basics Legal Perspectives

Blockchain Basics: Legal Perspectives

The definition of an accredited investor is crucial in the financial world as it determines who is eligible to participate in certain types of private investments (i.e., those not registered with financial regulatory agencies). This definition serves as a threshold for investor sophistication, financial stability, and risk tolerance. It's designed to protect less experienced investors from potentially risky or complex investment opportunities. The Securities and Exchange Commission (“SEC”) status allows individuals and entities to access a wider range of investment opportunities, such as private placements, hedge funds, and venture capital, usually unavailable to the general public. This distinction is essential for balancing investor protection and access to advanced investment opportunities. 

Redefining Accredited Investors: How the SEC's Proposed Investor Criteria Changes Will Affect Startup Capital

Recently, the Securities and Exchange Commission (“SEC”) has embarked on an aggressive rulemaking agenda, partly addressing the challenges posed by rapidly evolving technologies in the financial services sector. This historically aggressive stance is marked by a heightened focus on emerging areas like Artificial Intelligence (“AI”) and predictive data analytics (“PDA”) used extensively by broker-dealers and investment advisers. However, this approach has sparked debate over the SEC's seemingly unfounded concerns regarding new technological domains.

Artificial Intelligence or Artificial Concerns? The SEC's Tech Trepidation

The ETF industry has seen significant growth, transforming into a $10 trillion market over the past decade. Active ETFs are the fastest-growing segment, with future focus shifting towards investment outcomes and customization enabled by technology. Climate risk management in portfolios will evolve, with investors focusing on sectors and companies addressing climate adaptation.

ETP Forum Highlights | May 22, 2024 New York

ETP FORUM HIGHLIGHTS – May 22, 2024, New York

The GenAI Summit SF 2024, held from May 29 to May 31 in San Francisco, was an insightful peek into the dynamic and evolving field of AI. Experts, innovators, and enthusiasts gathered to share groundbreaking research, innovative applications, and insights on AI trends, ethical concerns, regulatory challenges, and investment opportunities. Join us as we explore the future of artificial intelligence and its impact on our world.

GenAI Summit San Francisco 2024

GenAI Summit SF 2024: A Transformative Experience in AI Innovation

As part of our commitment to keeping our clients and stakeholders informed about the latest industry trends and regulatory updates, we present a detailed analysis of the recent SEC Investment Adviser Statistics report. This report, released on May 15, 2024, offers a comprehensive overview of the investment advisory industry, reflecting data up to the end of December 2023. Let's delve into some critical data and trends highlighted in this extensive report.

Summary of New Investment Advisor Report

Key Insights from the SEC's Investment Adviser Statistics Report

The Securities and Exchange Commission (SEC), in collaboration with the Financial Crimes Enforcement Network (FinCEN), has proposed a new rule to enhance the regulatory framework for registered investment advisers (RIAs) and Exempt Reporting Advisers (ERAs). This rule aims to implement Customer Identification Programs (CIPs) in accordance with the Bank Secrecy Act (BSA) and the USA PATRIOT Act of 2001. This blog post will comprehensively overview this proposed rule and its anticipated impact on RIAs. 

Understanding the Proposed Rule on Customer Identification Programs for RIA's

Understanding the Proposed Rule on Customer Identification Programs for RIAs

As we delve into the September 2023 statistics for SEC-registered investment funds, a wealth of data presents itself, revealing trends and insights critical for investment managers. This analysis highlights key aspects of the current investment landscape, including asset growth across different fund types, the distribution of assets between small and large fund families, and the dynamic shifts in various asset classes.

Insights from the September 2023 Registered Fund Statistics

This article builds on our introduction to Artificial Intelligence (AI) in legal practice. We move beyond its transformative potential and delve into the core components that make AI such a revolutionary force. By understanding these key concepts, you'll be better equipped to leverage AI and enhance your service delivery in the evolving legal landscape.

Week #2 | Demistifying AI | Ai In Law

Week 2: Demystifying AI: Understanding the Basics of Artificial Intelligence in Law

Last year, the SEC proposed a rule to address conflicts of interest associated with using predictive data analytics (PDA) and similar technologies. Unfortunately, the 60-day comment period closed in October 2023. The staff is currently reviewing the submitted comments. Commissioners like Hester Peirce are meeting with industry representatives to decide what rules should be approved in this area

SEC and AI Regulation

Illuminating the Path: A Guiding Light in the AI Financial Frontier

Welcome to the future of law: a place where Artificial Intelligence (AI) is not just a buzzword but a revolutionary force reshaping the landscape of legal practice. Whether you're a seasoned attorney or a law student eager to make your mark, FinTech Law's series on AI in the legal practice is your compass to navigating this exciting new terrain.

AI in the Law Series

Month 1: Introduction to AI in Legal Practice

Compliance is a part of every single aspect of a financial product - from marketing to onboarding and account closures.

AI and FinTech | Robot Hand Reaching Out to Human

Harnessing AI with Fintech

As the compliance date approaches, FinTech Law Paralegal Chrity Groves highlights key points of Corporate Transparency Act compliance and how it can affect you.

Complying with the Corporate Transparency Act

How to Comply with the Corporate Transparency Act

FinTech Law's Irina Garcia Iglesias reviews key enforcement actions on the Marketing Rule and what investment advisers can learn from these proceedings.

FinTech Law | Policies | The New Marketing Rule

The Marketing Rule: Key Takeaways from the SEC Enforcement Actions

The SEC recently released new Form ADV and IARD FAQs. Here we review a few key answers and guidelines and what they mean for your firm.

Glowing Question Mark Held in Hand | SEC Release

SEC Releases New and Updated Form ADV FAQs

The SEC recently released its enforcement action results for the fiscal year 2023. The FinTech Law team reviews this data in comparison to 2022.

SEC Announces Enforcement Results for Fiscal Year 2023

In the final part of our series on private fund service providers, we focus on fund auditors and how we can help you find the right auditor.

Fund Auditors

Introduction to Private Fund Service Providers – Auditors

In this blog we review key findings from Rule 2a-5 SEC examinations and highlight how your firm can avoid pitfalls in fair value processes.

Business Man Jumping over Potholes | Fair Value Pitfalls

Fair Value Pitfalls: How to Avoid an SEC Deficiency Letter under Rule 2a-5

In part two of our series on private funds service providers, we focus on fund administrators and how we can help you find the right administrator.

Fund Administrators

Introduction to Private Fund Service Providers – Fund Administrators

As part of its private fund series, private fund legal advisor FinTech Law helps emerging fund managers understand necessary partnerships for their fund.

Fund Legal Advisors

Introduction to Private Fund Service Providers – Legal Advisors

The SEC recently adopted amendments to rules governing beneficial ownership reporting. Here we break down these new amendments and what they mean for your firm.

SEC Adopts Amendments to Rules Governing Beneficial Ownership Reporting

In this FinTech Law blog, we break down what every fund manager should know about writing an MDFP shareholder letter and what you should include.

The MDFP: Key Elements to Include in Form N1-A and N-CRS

In September 2023, the SEC adopted amendments to Rule 35d-1, the Fund Names Rule. Here's what these mean for you, your firm, or your funds.

Fund Names Rule

Fund Alert! Is Your Name Covered by the New Fund Names Rule?

The Corporate Transparency Act passed and affects the vast majority of companies in the United States. Learn what this act means for you and your firm.

Magnifying Glass | Corporate Transparency Act

What You Need to Know About the Corporate Transparency Act

The SEC has announced new rules for private funds and private fund managers. Here's what you should know about the rules and how to stay compliant.

Judge Signing | New Rule For Private Funds

New Rules for Private Funds: 5 Things Every Fund Manager Should Know About the Rule and 3 Things to Do Now!

The SEC has charged 9 registered investment advisers with Marketing Rule violations related to hypothetical performance. Read on to learn more about the case.

Compliance, Requirements, Rules, Standards, Governance, Regulations Transparency, Policies, Law

Marketing Rule Crackdown: SEC Sweep into Marketing Rule Violations Results in Charges Against Nine Investment Advisers

The SEC released a risk alert discussing SEC examinations and the factors that affect how and which firms are chosen for examinations. Read on to learn more.

SEC Releases Risk Alert for Investment Advisors

SEC Releases Risk Alert for Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents

The SEC announced new regulations for private fund advisers. Check out the latest FinTech Law blog for more info on the regulations and how it affects you.

Policies and Procedures | Law Books

SEC Enhances Regulations of Private Fund Advisers

The SEC announced its first enforcement action of the amended Marketing Rule. Read the latest FinTech blog to learn about the case and its key takeaways.

Lawyer at Desk | SEC Announces First Enforcement Action of Amended Marketing Rule

SEC Announces First Enforcement Action of Amended Marketing Rule

The SEC recently charged an RIA with recordkeeping failures. In the latest edition of This Week in FinTech & Compliance, learn about the case and the key takeaways.

This Week in FinTech and Compliance | FinTech and Compliance News and What We Can Learn From It

This Week in FinTech & Compliance #6: SEC Charges Investment Adviser for Recordkeeping Failures

Access quality FinTech resources such as the FinTech Law Blog, FinTech Law Newsletter, and FinTech Law AI Assistant Tool. 

FinTech Resources

FinTech Knowledgebase. FinTech Newsletter. FinTech AI Assistant Tool.

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