Michael Barakat

Global financial markets entered 2026 with modest gains, supported by easing inflation and expectations of central bank rate cuts. However, performance across asset classes was uneven, and underlying volatility highlighted a more complex risk environment for asset managers. Across the first quarter, market dynamics, liquidity pressures in private credit, commercial real estate stress and evolving regulatory coordination signaled a shift toward tighter scrutiny and more structural challenges.

By Reed Schuster, Michael Barakat, Joshua Demers As private fund advisers move out of Form ADV annual amendment season, the regulatory conversation shifts in a very practical way. The focus moves from what has been disclosed to whether an adviser’s compliance program is operating as intended and is positioned to address the areas regulators are actively prioritizing.

What prompts a private fund adviser to shift from exempt reporting adviser (ERA) status to full SEC registration? In this episode of Weaver: Beyond the Numbers, Danielle Darley and Michael Barakat explain the most common triggers, why these issues often surface early in the year and how firms can prepare well before filing.