August 4, 2021

Volume XI, Number 216


August 03, 2021

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August 02, 2021

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SEC Publishes Lists of Rules Scheduled for Review under Regulatory Flexibility Act

On March 17, 2021, the SEC published a list of rules scheduled for review pursuant to Section 610 of the Regulatory Flexibility Act (RFA), which requires an agency to review its rules that have a significant impact upon a substantial number of small entities within ten years of the final rule’s publication. The rules which will be assessed, including to determine whether such rules should be continued without change, amended or rescinded, include the following:

  •  Reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors on Form PF;

  • The pay-to-play rule;

  • Registration requirements for advisers to venture capital funds and small private fund advisers; and

  • Family office registration exemptions.

Review of a rule pursuant to the RFA does not necessarily mean that future rulemaking is imminent. Nonetheless, under the RFA, specific consideration must be given to the following factors when assessing a rule:

  • The continued need for the rule;

  • The nature of complaints or comments received concerning the rule from the public;

  • The rule’s complexity;

  • The extent to which the rule overlaps, duplicates or conflicts with other federal rules, and, to the extent feasible, with state and local governmental rules; and

  • The length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule.

The list of rules scheduled for review is available here.

© 2021 Vedder PriceNational Law Review, Volume XI, Number 153

About this Author

John Marten Investment Attorney Vedder Price Law FIrm

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
Nathaniel Segal Investment Attorney Vedder Price Law Firm

Nathaniel Segal is counsel at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due diligence...

(312) 609 7747
Jacob Tiedt,Vedder Price law firm investment services attorney

Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

Adam Goldman Investment Attorney Vedder Price

Adam S. Goldman is an Associate in the Chicago office of Vedder Price and a member of the firm’s Investment Services practice group.

Prior to joining Vedder Price, Mr. Goldman practiced at a boutique financial services firm, representing broker-dealers, investment advisers, commodity pool operators, private equity funds, and other investment services clients in transactional, litigation, and compliance matters. Mr. Goldman also counseled public companies on required filings under the 1933 and 1934 Acts and other regulatory issues.

While in law school, Mr. Goldman competed in...

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