Pablo Man
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Articles by Pablo Man
Open (Hand)Book For SEC Exams: A Useful Tool For The Uninitiated
A call from the Staff at the Division of Examinations (Exams) of the Securities and Exchange Commission (SEC or the Commission) notifying a registrant of an exam has long induced uncertainty and concern, even though exams generally follow a standard playbook.
United States: Hold on! SEC Proposes Updates to Custody Rules | JD Supra
The United States Securities and Exchange Commission (SEC) has long been concerned with investment advisers having access to client assets and investment companies' safeguarding of fund assets. The custodial framework for investment companies dates back to 1941, and Rule 206(4)-2 (the Custody Rule) for investment advisers was adopted in 1962.
United States: Open (Hand)book for SEC Exams: A Useful Tool for the Uninitiated
A call from the Staff at the Division of Examinations (Exams) of the Securities and Exchange Commission (SEC or the Commission) notifying a registrant of an exam has long induced uncertainty and concern, even though exams generally follow a standard playbook.
United States: Away With Pay to Play? | JD Supra
Sometimes, people like to give money to other people. Sometimes, those other people are politicians. Sometimes those politicians are officials of government entities whose funds investment advisers manage in exchange for compensation. There are lots of reasons someone would give money to politicians, but, over the last almost-sixteen years the SEC made it challenging for employees of investment advisers to give politicians money. Today the SEC has just proposed to undo that.
The Same But Different: The CFTC Proposes To Re-Codify Regulation 4.13(A)(4)... Sort Of
Sarah V. Riddell’s articles from K&L Gates LLP are most popular: with readers working within the Construction & Engineering industries K&L Gates LLP are most popular: within Immigration and Insurance topic(s) More than 14 years after rescinding former Regulation 4.13(a)(4), the Commodity Futures Trading Commission (CFTC) has proposed a new exemption from commodity pool operator (CPO) registration for certain investment advisers.
The Same but Different: The CFTC Proposes to Re-Codify Regulation 4.13(A)(4)... Sort Of
27 August 2026 US Asset Management and Investment Funds Alert HOW DID WE GET HERE? More than 14 years after rescinding former Regulation 4.13(a)(4), the Commodity Futures Trading Commission (CFTC) has proposed a new exemption from commodity pool operator (CPO) registration for certain investment advisers.
Did you predict this? Why prediction markets may be your next compliance headache
22 June 2026 The Alternative Investment Management Association Washington, DC View New York View Boston View Chicago New York View Find more items tagged as: Asset Management and Investment Funds, Financial Services, Investment Funds, Investment Transactions, Policy and Regulatory
Show Me The Money: SEC Risk Alert Highlights Advisers’ Economic Conflict
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices worldwide, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
United States: Show Me The Money: SEC Risk Alert Highlights Advisers’ Economic Conflict
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices worldwide, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
United States: SEC's Updated Qualified Client Standards Take Effect 29 June 2026
Sasha Burstein’s articles from K&L Gates LLP are most popular: with Senior Company Executives and HR with readers working within the Retail & Leisure and Securities & Investment industries The United States Securities and Exchange Commission’s (SEC) inflation adjustment to the qualified client thresholds under Rule 205-3 of the Investment Advisers Act of 1940 will become effective on 29 June 2026, and will carry important implications for SEC-registered investment advisers (RIAs) that charge...
SEC's Updated Qualified Client Standards Take Effect 29 June 2026
Sasha Burstein’s articles from K&L Gates LLP are most popular: with Senior Company Executives and HR with readers working within the Retail & Leisure and Securities & Investment industries The United States Securities and Exchange Commission’s (SEC) inflation adjustment to the qualified client thresholds under Rule 205-3 of the Investment Advisers Act of 1940 will become effective on 29 June 2026, and will carry important implications for SEC-registered investment advisers (RIAs) that charge...
401(k) Plan Access To Alternative Investments–DOL Seeks To Clarify Fiduciary Duties And Proposes “Safe Harbor”
K&L Gates LLP are most popular: within Immigration, Law Practice Management and Transport topic(s) On 30 March 2026, Department of Labor (DOL) issued a proposed rule, in response to President Trump’s August 2025 executive order, that seeks to clarify DOL’s position on fiduciary duties in connection with the selection of investment options for participant-directed individual account plans (e.g. 401(k) plans) – including investment options that feature exposure to alternative assets – and would...
United States: Dele-great!: CFTC Staff Allows CPO Delegation Structures to Remain Intact
As previously discussed in our client alert, the industry celebrated the no-action relief from registration as a commodity pool operator (CPO) (the Relief).
Dele-Great!: CFTC Staff Allows CPO Delegation Structures To Remain Intact
Sarah V. Riddell’s articles from K&L Gates LLP are most popular: within Finance and Banking topic(s) in United States with readers working within the Business & Consumer Services and Retail & Leisure industries K&L Gates LLP are most popular: within Law Practice Management, Immigration and Transport topic(s) As previously discussed in our client alert, the industry celebrated the no-action relief from registration as a commodity pool operator (CPO) (the Relief).
United States: New Year, New Marketing Rule FAQs | JD Supra
On 15 January 2026, the SEC staff released two new FAQs addressing issues arising under Advisers Act Rule 206(4)-1 (the Marketing Rule).
New Year, New Marketing Rule FAQs
Lance Dial’s articles from K&L Gates LLP are most popular: with readers working within the Retail & Leisure industries K&L Gates LLP are most popular: within Law Practice Management topic(s) On 15 January 2026, the SEC staff released two new FAQs addressing issues arising under Advisers Act Rule 206(4)-1 (the Marketing Rule).
The CFTC Reinstates Exemption From CPO Registration for Certain Private Fund Managers | JD Supra
On December 19, 2025, the Staff of the Commodity Futures Trading Commission (CFTC) issued no-action relief that effectively reinstates (with a few modifications) an exemption from registration for commodity pool operators (CPOs) previously provided under Regulation 4.13(a)(4) (the QEP Exemption) prior to its repeal in 2012, and clarifies that relief from registration as commodity trading advisors (CTAs) also will be available to these newly-exempt CPOs. This no-action relief comes in response...
The CFTC Reinstates Exemption From CPO Registration For Certain Private Fund Managers
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices worldwide, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
The CFTC Reinstates Exemption From CPO Registration for Certain Private Fund Managers
On December 19, 2025, the Staff of the Commodity Futures Trading Commission (CFTC) issued no-action relief that effectively reinstates (with a few modifications) an exemption from registration for commodity pool operators (CPOs) previously provided under Regulation 4.13(a)(4) (the QEP Exemption) prior to its repeal in 2012, and clarifies that relief from registration as commodity trading advisors (CTAs) also will be available to these newly-exempt CPOs. This no-action relief comes in response...
United States: The SEC “Flexes” Its (De)Regulatory Agenda | JD Supra
The SEC’s latest regulatory agenda has officially been unveiled, and according to Chair Atkins the “regulatory agenda reflects that it is a new day” at the SEC. The regulatory agenda not only aims to clarify the regulatory framework for cryptocurrencies but also focuses on proposals to reduce compliance burdens and facilitate capital formation, including by providing investor access to private businesses.
The SEC "Flexes" Its (De)Regulatory Agenda
The SEC's latest regulatory agenda has officially been unveiled, and according to Chair Atkins the "regulatory agenda reflects that it is a new day" at the SEC.The regulatory agenda not only aims to clarify the regulatory framework for cryptocurrencies but also focuses on proposals to reduce compliance burdens and facilitate capital formation, including by providing investor access to private businesses.
STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension Of Compliance Date For Amended Form PF
With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC's jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the amended form to 1 October 2025.
United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF | JD Supra
With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC’s jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the amended form to 1 October 2025.
UK Data (Use and Access) Bill to Become Law
On June 11, 2025, the UK Data (Use and Access) Bill (the “DUA Bill”) successfully navigated its final parliamentary hurdle and will soon become law. The DUA Bill’s journey has been anything but straightforward. Most recently it became entangled in debates over AI and copyright with the House of Lords persistently pushing to include transparency provisions related to AI models.
STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF
With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC’s jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the amended form to 1 October 2025.
What A Relief! Co-Investments Get Easier For Interval Funds, Tender Offer Funds, And Business Development Companies
The US Securities and Exchange Commission (SEC) has approved a streamlined framework for co-investments involving certain closed-end funds and business development companies (together, Regulated Funds).1 This updated approach offers a more practical path for advisers managing both private funds and Regulated Funds, easing compliance burdens—particularly for boards of trustees or directors (each, a Board and collectively, Boards)—compared to the prior co-investment framework.
What a Relief! Co-Investments Get Easier for Interval Funds, Tender Offer Funds, and Business Development Companies | JD Supra
The US Securities and Exchange Commission (SEC) has approved a streamlined framework for co-investments involving certain closed-end funds and business development companies (together, Regulated Funds).1 This updated approach offers a more practical path for advisers managing both private funds and Regulated Funds, easing compliance burdens—particularly for boards of trustees or directors (each, a Board and collectively, Boards)—compared to the prior co-investment framework.
What a Relief! Co-Investments Get Easier for Interval Funds, Tender Offer Funds, and Business Development Companies
1 See SEC, Investment Company Act Release No. 35520; File No. 812-15706 (Apr. 3, 2025), available here. 2 See Letter from Paul G. Cellupica & Kevin Ercoline, Inv. Co. Inst., to Vanessa Countryman, SEC (Mar. 4, 2025), available here. 3 See In re FS Credit Opportunities Corp., No. 812-15706 (Feb. 20, 2025), available here. 4 See SEC, Investment Company Act Release No. 35561; File No. 812-15706 (Apr. 29, 2025), available here. 5 As defined in Section 57(o) of the 1940 Act.
SEC's Approach To Artificial Intelligence Begins To Take Shape
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices spanning across five continents, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
United States: SEC’s Approach to Artificial Intelligence Begins to Take Shape | JD Supra
April 1, 2025 To embed, copy and paste the code into your website or blog: On 27 March 2025, the US Securities and Exchange Commission (SEC) hosted a roundtable on Artificial Intelligence (AI) in the financial industry that was designed to solicit feedback on the risks, benefits and governance of AI.
Rule 506(c) Unchained? The SEC Loosens Requirements For Advertising In Private Capital Raises
On 12 March 2025, the US Securities and Exchange Commission (SEC) staff issued a no-action letter that provides private fund sponsors with a concrete, streamlined approach to relying on Rule 506(c),1 based on minimum investment amounts and investor representations. This guidance has the potential to unlock Rule 506(c)'s advantages for private fund sponsors more than a decade after its passage.
Rule 506(c) Unchained? The SEC Loosens Requirements for Advertising in Private Capital Raises
27 March 2025 US Asset Management and Investment Funds Alert On 12 March 2025, the US Securities and Exchange Commission (SEC) staff issued a no-action letter that provides private fund sponsors with a concrete, streamlined approach to relying on Rule 506(c),1 based on minimum investment amounts and investor representations. This guidance has the potential to unlock Rule 506(c)’s advantages for private fund sponsors more than a decade after its passage.
A practical guide for advisers considering the use of AI
The increasing prevalence of artificial intelligence (AI) in the financial services industry offers advisers the potential for greater efficiency, improved client experiences, and enhanced advisory capabilities. However, advisers must understand the unique risks of the technology to navigate the regulatory framework. Before integrating AI into an advisory business, advisers should consider a range of factors, including technological limitations, regulatory compliance, and governance frameworks.
Trust But Verify (With a Minimum Investment Amount) | JD Supra
On 12 March 2025, the SEC staff issued a no-action letter for offerings under Rule 506(c) of Regulation D.
Trust But Verify (With A Minimum Investment Amount)
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices spanning across five continents, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
SEC No-Action Letter on Rule 506(c) Offerings & Accredited Invest
Skip to main content March 12, 2025 Volume XV, Number 71 Legal Analysis. Expertly Written. Quickly Found. Trending News Trust But Verify (With A Minimum Investment Amount) Print Mail Download />i Facebook Twitter Linkedin Pinterest Reddit Facebook Messenger Email Digg Print X Buffer Flipboard On 12 March 2025, the SEC staff issued a no-action letter for offerings under Rule 506(c) of Regulation D.
Trust But Verify (With A Minimum Investment Amount)
On 12 March 2025, the SEC staff issued a no-action letter for offerings under Rule 506(c) of Regulation D.
Phew! Form PF Amendments Deadline Extended (So You Can Procrastinate A Little Longer)
The SEC and CFTC have extended the compliance date for their jointly adopted amendments to Form PF (originally 12 March 2025) to 12 June 2025. In December 2024, a number of industry associations submitted a letter to SEC and CFTC on behalf of their respective members describing certain significant technological and administrative challenges being faced by advisers required to file on new Form PF, as well as third-party vendors assisting these advisers.
"Oops, I Was A Broker!?" SEC Cracks Down On Investment Adviser Representatives Acting As Unregistered Brokers
On 14 January 2025, the Securities and Exchange Commission (SEC) announced settled charges against three investment adviser representatives for acting as unregistered brokers in the sale of membership interests in certain limited liability companies (i.e., Funds) that each purportedly owned shares of private issuers that had prospects of becoming publicly traded.
Romania Joins Visa Waiver Program in March 2025
Romania will be the 43rd country to become a member of the Visa Waiver Program (VWP). The new designation made by Secretary of Homeland Security Alejandro Mayorkas in conjunction with Secretary of State Antony Blinken will go into effect on or around March 31, 2025. The VWP allows citizens or nationals of participating countries to travel to the United States for tourism or business purposes for up to 90 days without obtaining a visa.
Compliance Outreach Program: Private Funds Panel
KG K&L Gates More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices spanning across five continents, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
Compliance Outreach Program: Private Funds Panel | JD Supra
On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader National Compliance Outreach Seminar. This blog post provides a high-level overview of the private fund topics that were covered, but the agenda included a broad array of additional topics.
Federal Agencies Take Action on AI One Year After AI Executive Order — AI: The Washington Report
Skip to main content November 07, 2024 Volume XIV, Number 312 Legal Analysis. Expertly Written. Quickly Found.
SEC Panel Highlights Private Fund Compliance Topics
On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader National Compliance Outreach Seminar. This blog post provides a high-level overview of the private fund topics that were covered, but the agenda included a broad array of additional topics.
Post-Election Flash Update (US): What Employers Need to Know Today
Skip to main content November 07, 2024 Volume XIV, Number 312 Legal Analysis. Expertly Written. Quickly Found.
Pulse Check: Carbon Markets and CCUS [Video]
Anna Karakitsos, a senior government affairs advisor in Bracewell’s Policy Resolution Group, discusses the future of carbon credits and carbon capture utilization and sequestration under a new Trump administration. Transcript: Voluntary carbon markets, or VCMs, are platforms where individuals, companies and organizations can buy carbon credits to offset their greenhouse gas emissions.
Shortage of Seasonal Workers: Senators Call for Additional H-2B Visas
A bipartisan group of forty United States senators is requesting that the U.S. Department of Labor (DOL) and U.S. Department of Homeland Security (DHS) release additional H-2B visa slots for fiscal year (FY) 2025. Their statement highlights the critical role of H-2B workers in supporting local economies and promoting a healthy workforce in the United States.
Privacy Tip #420 – Is that Consumer Review Real or Generated by AI?
I admit that when I am looking online for restaurants, consumer products, and places to stay, I generally look at reviews and they influence my decision. However, there have been numerous reports that reviews are often fake and unreliable. That has become so pervasive that the Federal Trade Commission (FTC) issued a final rule in August banning fake reviews and providing authority to assess civil fines and penalties against companies that post fake reviews.
SEC's Division Of Examinations Halloween Treat-2025 Priorities
In order to discourage investment advisers, broker-dealers and investment companies from engaging in any "tricks," the SEC's Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the Priorities). This publication, an annual event since 2013, provides market participants with insight into what the Division of Examinations will focus on in the coming fiscal year. All told, the 2025 version of the Examination Priorities has not changed very much from 2024.
SEC's Division of Examinations Halloween Treat–2025 Priorities | JD Supra
In order to discourage investment advisers, broker-dealers and investment companies from engaging in any “tricks,” the SEC’s Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the Priorities). This publication, an annual event since 2013, provides market participants with insight into what the Division of Examinations will focus on in the coming fiscal year. All told, the 2025 version of the Examination Priorities has not changed very much from 2024.
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