David Bartels
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Articles by David Bartels
Proposed Custody Rules for Investment Advisers and Registered Funds: Where to Comment (And Why)
Self-Custody of Crypto Assets Yes, but only under limited circumstances and subject to extensive conditions. The self-custody exception would be available only for “crypto assets” (defined below)—other types of assets would remain subject to existing custody requirements (as potentially refined by other aspects of the Proposal). As discussed more fully below, the conditions for self-custody are extensive and complex.
SEC Proposes to Modernize and Expand Cross Trading Under Rule 17a-7
Proposed Amendments to Rule 17a-7 On October 9, 2026, the SEC proposed highly anticipated amendments to Rule 17a-7 under the Investment Company Act of 1940 (the “Investment Company Act”), which exempts certain cross trades between a registered investment company (a “registered fund”) and its affiliates from the Investment Company Act’s general prohibition on affiliated principal transactions.1 The Release states that the proposed amendments “are designed to expand the scope of securities that...
SEC’s Daly Renews Call For Engagement On Advisers Voting Proxies
D Dechert More Dechert is the law firm that helps business leaders lead. For more than 150 years, we have advised clients on critical issues – from high-stakes litigation to first-in-market transaction structures and complex regulatory matters. Our lawyers in commercial centers worldwide are immersed in the key sectors we serve – financial services, private capital, real estate, life sciences and technology. Dechert delivers unwavering partnership so our clients can achieve unprecedented results.
SEC Expands Co-Investment Relief To Open-End Funds
Dechert are most popular: within Real Estate and Construction and Strategy topic(s) with readers working within the Banking & Credit industries On Monday, the SEC staff issued a no-action letter that allows registered open-end funds, including mutual funds and ETFs, to co-invest under the simplified exemptive orders that it began issuing in 2025.
SEC Calls Attention To Private Market Valuation
David P. Bartels’s articles from Dechert are most popular: with readers working within the Accounting & Consultancy industries Dechert are most popular: within Real Estate and Construction and Strategy topic(s) The SEC announced an enforcement settlement with an investment manager related to COVID-era loan valuations, as well as a roundtable on private markets valuation.
SEC IM Director Shares Views On Proxy Voting
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
ETF Share Class: ICI Highlights Key Operational Considerations
David P. Bartels’s articles from Dechert are most popular: in United States Dechert are most popular: within Wealth Management, Tax and Criminal Law topic(s) with readers working within the Banking & Credit industries The Investment Company Institute recently published a white paper detailing operational, governance, and disclosure considerations for industry stakeholders in implementing a structure offering an ETF share class within an existing mutual fund.
SEC Issues Notice Of Intent To Grant ETF Share Class Relief
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
SEC Open Meeting: Form PF Compliance Date Pushed Again And SEC Housekeeping
The SEC and CFTC voted to further extend the compliance date for previously adopted amendments to Form PF from October 1, 2025, to October 1, 2026. Chairman Atkins also directed the staff of the SEC to undertake a comprehensive review of Form PF during this 12-month extension. The SEC also issued a policy statement regarding the SEC's limited role in reviewing disclosure about mandatory arbitration provisions.
SEC Staff Clarifies Stance On Liquid Staking
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
SEC Withdraws Significant Number Of Rule Proposals
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
SEC And CFTC Extend Compliance Date For Amendments To Form PF
Today, the SEC and CFTC voted to extend the compliance date for previously adopted amendments to Form PF from June 12, 2025, to October 1, 2025. The amendments at issue primarily affect hedge fund advisers, but a number of changes to the instructions and questions apply to all filers. The extension is welcome news for private fund managers, as they look to develop and operationalize reporting.
A New Charter For Broker-Dealer Crypto Custody
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
SEC Staff Opens Door To Expanded Retail Access To Private Funds
The SEC staff has stated that it will no longer issue comments on registration statements seeking to limit the sale of registered closed-end funds that invest significantly in private funds to accredited investors who are investing at least $25,000. The historical policy has served as a longstanding barrier to giving retail investors access to professionally managed closed-end funds that invest in private funds.
SEC Eases Burden Of Co-Investment
On Tuesday, the SEC issued the first simplified co-investment relief, representing the most significant update to these exemptive orders in nearly a decade. The simplified relief eases some of the most onerous requirements of the previous orders. Although the final relief leaves out open-end mutual funds, today's order is a major step forward and signals a renewed focus from the SEC and its staff on facilitating capital formation while maintaining investor protections.
SEC Eases Burden of Co-Investment | JD Supra
Key Takeaways On Tuesday, the SEC issued the first simplified co-investment relief, representing the most significant update to these exemptive orders in nearly a decade. The simplified relief eases some of the most onerous requirements of the previous orders. Although the final relief leaves out open-end mutual funds, today’s order is a major step forward and signals a renewed focus from the SEC and its staff on facilitating capital formation while maintaining investor protections.
Good News Coming Out of the SEC for BDCs (and Hopefully More to Come) | JD Supra
Key Takeaways The Securities and Exchange Commission issued notices of its intent to grant multiple share class exemptive relief1 for seven private business development companies (“BDCs”).2 The SEC issued a no-action letter that removes a significant impediment to BDCs, particularly private BDCs, relying on Rule 506(c) of Regulation D under the Securities Act of 1933 to conduct their securities offerings.
SEC Staff Resolves Net Performance Issues In New Marketing Rule Guidance
On March 19, 2025, the SEC staff published two new Marketing Rule FAQs that relieve issues with displaying investment performance under previous staff guidance. The new FAQs allow advisers to advertise the performance of individual investments as well as various portfolio or investment characteristics on a gross basis if the net and gross performance of the entire portfolio (or composite) is also included prominently in the advertisement.
SEC Offers More Flexibility In Private Fundraising
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
Good News Coming Out Of The SEC For BDCs (And Hopefully More To Come)
The Securities and Exchange Commission issued notices of its intent to grant multiple share class exemptive relief1 for seven private business development companies ("BDCs").2 The SEC issued a no-action letter that removes a significant impediment to BDCs, particularly private BDCs, relying on Rule 506(c) of Regulation D under the Securities Act of 1933 to conduct their securities offerings.
SEC Offers More Flexibility in Private Fundraising | JD Supra
Key Takeaways For a decade, SEC rules have permitted general solicitation in private offerings. However, this flexibility has been underutilized as a result of restrictive SEC guidance on verifying accredited investor status. New SEC staff guidance clarifies that a high investment minimum, together with investor representations, can constitute “reasonable steps to verify” a purchaser’s accredited investor status, a condition of offerings made in reliance on Rule 506(c) of Regulation D.
SEC Staff Resolves Net Performance Issues in New Marketing Rule Guidance | JD Supra
On March 19, 2025, the SEC staff published two new Marketing Rule FAQs that relieve issues with displaying investment performance under previous staff guidance. The new FAQs allow advisers to advertise the performance of individual investments as well as various portfolio or investment characteristics on a gross basis if the net and gross performance of the entire portfolio (or composite) is also included prominently in the advertisement.
SEC Division of Examinations Releases 2025 Priorities | JD Supra
The SEC’s Division of Examinations (EXAMS) published its report on 2025 Examination Priorities on October 21, 2024. Areas such as artificial intelligence (AI), cybersecurity and crypto assets are top of mind for EXAMS, as are areas that have been the targets of recent SEC rulemaking initiatives, such as private fund fees and expenses and the outsourcing of investment-related functions. Please see full publication below for more information.
Supreme Court Ends Chevron Deference Among String of Decisions Limiting Agency Power | JD Supra
July 11, 2024 Justin Aimonetti, David Bartels, Catherine Botticelli, Steven Engel, Anthony Kelly, Brian Kulp, Michael McGinley, Mark Perlow Dechert LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Key Takeaways In Loper Bright Enterprises v.
Supreme Court Curtails SEC In-House Judges on Litigated Civil Penalties | JD Supra
July 3, 2024 Justin Aimonetti, Eric Auslander, David Bartels, Catherine Botticelli, Steven Engel, Anthony Kelly, Brian Kulp, Neel Maitra, Michael McGinley Dechert LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Key Takeaways In SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud.
SEC’s Private Fund Adviser Rule Vacated by the Fifth Circuit | JD Supra
Yesterday, the United States Court of Appeals for the Fifth Circuit vacatedthe SEC’s Private Fund Adviser Rule in its entirety. Dechert LLP represented the Chamber of Commerce of the United States of America in filing an amicus curiae brief in support of the successful challenge to the Rule.
SEC’s Private Fund Adviser Rule Vacated by the Fifth Circuit
Yesterday, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s Private Fund Adviser Rule in its entirety. Dechert LLP represented the Chamber of Commerce of the United States of America in filing an brief in support of the successful challenge to the Rule.
SEC Adopts Third Set Of Amendments To Form PF
The latest round of revisions to Form PF made a stealthy arrival, with the SEC announcing in mid-February that it adopted the updates without an in-person vote. As the third set of amendments to Form PF in the past 12 months, each with overlapping compliance dates, private fund advisers should closely review Form PF requirements in the coming year.
SEC's Marketing Rule FAQ: Implications For Private Credit And Private Equity Managers
On February 6, 2024, the SEC staff posted a new Marketing Rule FAQ that will be important to many private equity and private credit managers. The new FAQ addresses the presentation of net and gross IRR by managers of private funds that use subscription credit facilities.
SEC Adopts Third Set of Amendments to Form PF | JD Supra
Key Takeaways The latest round of revisions to Form PF made a stealthy arrival, with the SEC announcing in mid-February that it adopted the updates without an in-person vote. As the third set of amendments to Form PF in the past 12 months, each with overlapping compliance dates, private fund advisers should closely review Form PF requirements in the coming year.
SEC Adopts Third Set of Amendments to Form PF
Key Takeaways The latest round of revisions to Form PF made a stealthy arrival, with the SEC announcing in mid-February that it adopted the updates without an in-person vote. As the third set of amendments to Form PF in the past 12 months, each with overlapping compliance dates, private fund advisers should closely review Form PF requirements in the coming year.
SEC Finalizes Changes to Dealer Definition – Does Not Exempt Private Funds or Proprietary Trading Firms | JD Supra
Key Takeaways The SEC dropped the most controversial provisions, but still significantly expanded the reach of the “dealer” definition. Persons that engage in trading activity that resembles market-making may now have to register as “dealers” and be subject to the corresponding regulatory requirements, regardless of whether they have customers. Registered investment advisers, hedge funds and other private funds are not excluded and may also be “dealers” under the rule.
SEC Division of Examinations Releases 2024 Priorities | JD Supra
The SEC’s Division of Examinations (EXAMS) published its report on 2024 Examination Priorities on October 16, 2023. The 2024 Examination Priorities continue to reflect an examination program that is vigorous and broad in its focus.
SEC Division of Examinations Releases 2024 Priorities
ONPOINT / A legal update from Dechert's Financial Services Group SEC Division of Examinations Releases 2024 Priorities Authored by David P. Bartels, K. Susan Grafton, Anthony S. Kelly, Mark D. Perlow, Robert J. Rhatigan, Elise Kletz, and Michael McGrail December 2023 Dechert LLP SEC Division of Examinations Releases 2024 Priorities December 2023 / Authored by David P. Bartels, K. Susan Grafton, Anthony S. Kelly, Mark D. Perlow, Robert J.
Kinetics of the Temperature‐Dependent eaq− and ⋅OH Radical Reactions with Cr(III) Ions in Aqueous Solutions
Conflict of interest The authors declare no conflict of interest. Supporting Information As a service to our authors and readers, this journal provides supporting information supplied by the authors. Such materials are peer reviewed and may be re-organized for online delivery, but are not copy-edited or typeset. Technical support issues arising from supporting information (other than missing files) should be addressed to the authors.
Exploring the Unusual Reactivity of the Hydrated Electron with CO2
Download Hi-Res ImageDownload to MS-PowerPointCite This:J. Phys. Chem. B 2024, XXXX, XXX RETURN TO ARTICLES ASAPB: Liquids; Chemical...B: Liquids; Chemical and Dynamical Processes in SolutionNEXT Pauf Neupane Department of Chemistry, University of Kansas, Lawrence, Kansas 66045, United States , * , and * Cite this: J. Phys. Chem. B 2024, XXXX, XXX . This publication is licensed under these Terms of Use. This publication is free to access through this site.
The SEC’s Private Fund Adviser Rules: Exploring The Critical Questions | JD Supra
The Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940 (“Final Rules”) in August 2023 that will impose a broad set of new reporting, disclosure and other obligations on advisers to Private Funds (“Private Fund Advisers”).
The SEC’s Private Fund Adviser Rules: Exploring The Critical Questions
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SEC Current Reporting Requirements for Private Funds Become Effective in December | JD Supra
September 21, 2023 David Bartels, Alejandra Freer, Rachael Minassian, Mark Perlow, Ashley Rodriguez, Timothy Spangler Dechert LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Key Takeaways - Following the SEC’s adoption, earlier this year, of changes to Form PF, large hedge fund advisers will face, for the first time, a requirement to report certain events to the SEC within 72 hours.
SEC Finalizes Changes to Private Fund Rules
Today, the Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940, as amended (Final Rules) that will significantly reform the scope of reporting, disclosure and other obligations imposed on investment advisers to private funds (Private Fund Advisers).1 The Final Rules represent the most significant changes to the regulation of private funds and Private Fund Advisers since the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The United States Establishes the Foundation for a New Outbound Investment Regime | JD Supra
In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime.
H2 Generation by the 10B(n,alpha)7Li Reaction in High Temperature Water
Author(s) , Mohamad Al-Sheikhly, Steven Guerin, David Bartels, Cameron Goodwin, Sangho Nam Abstract H2 produced in water from the 10B(n,α)7Li fission reaction has been measured up to 300 oC. Thermal energy neutrons from the Rhode Island Nuclear Science Center's 2 MW reactor interact with boric acid-containing water in temperature-controlled high-pressure cells made from tubing of either titanium or zirconium alloy.
Modelling the spread and mitigation of an emerging vector-borne pathogen: Citrus greening in the U.S.
Loading metrics Open Access Peer-reviewed Research Article ? This is an uncorrected proof. Abstract Predictive models, based upon epidemiological principles and fitted to surveillance data, play an increasingly important role in shaping regulatory and operational policies for emerging outbreaks. Data for parameterising these strategically important models are often scarce when rapid actions are required to change the course of an epidemic invading a new region.
Safeguarding Client Assets: SEC Proposes Overhaul of Adviser Custody Rule | JD Supra
The U.S. Securities and Exchange Commission, by a vote of four-to-one, proposed a major overhaul of the investment adviser custody rule on February 15, 2023. The proposal would amend and redesignate Rule 206(4)-2 under the Investment Advisers Act of 1940 (Custody Rule), as new Rule 223-1 under Section 223 of the Advisers Act (Proposed Rule). Please see full Update below for more information. Download PDF
SEC Division of Examinations Releases 2023 Priorities | JD Supra
The Securities and Exchange Commission’s Division of Examinations (EXAMS) published its report on 2023 Examination Priorities on February 7, 2023. The 2023 Examination Priorities1 continue to reflect an examination program that is vigorous and broad in its focus, with special attention paid to newly implemented regulatory changes and the standards of conduct for investment advisers and broker-dealers.
Dechert's Global Private Equity 2022 Highlights | JD Supra
Despite rising interest rates, global geopolitical risk and uncertainty surrounding a looming recession, 2022 remained a robust and fascinating year for the PE industry. Dechert’s PE practice worked alongside our clients to achieve their goals in spite of these challenges. Learn more about how our clients stayed on top during 2022 in our Global Private Equity Highlights Report... Please see full Article below for more information. Download PDF
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