Karl Paulson Egbert

In brief From May to June 2026, US regulators introduced a series of rulemakings, proposals, and policy signals reshaping the regulatory landscape for asset managers, with a focus on simplifying compliance requirements while reinforcing core investor protection principles.

In brief On December 9, 2025, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter 25‑42, providing important relief and clarification for market participants navigating cross-border swap requirements. This no-action letter (NAL) addresses longstanding inconsistencies in the definitions of “US person” and “guarantee” across different regulatory requirements and offers practical compliance flexibility. Below is a summary of the key points and why they matter.

In brief From March to April 2026, US regulators took several policy, enforcement, and interpretive actions affecting the alternative asset management industry, including private funds, and retail investment products.