This episode delves into the SEC’s current Commission, now a 3-1 majority, its application of regulations in rulemaking and exam priorities, and its approach to exam remediation. We examine impacts of new directors, recent asset management enforcement actions and overall trends, what we are seeing in exams within the context of registered funds and private funds, and the meteoric rise of retail access to alternative funds which we expect to be the SEC’s focus in the future.
Episode Resources:
09.04.25 Simpson Thacher SEC Watch: Monthly Takeaways for Asset Managers - September 2025
08.12.25 Simpson Thacher Partners Author Bloomberg Law Article on Potential Enforcement Changes to SEC Advisers Act Rule 206(4)-8
07.15.25 SEC Drops First Ever Liquidity Rule Suit Against Mutual Fund Adviser and Officers and Trustees
Meet Your Episode Hosts:
Adam S. Aderton, Simpson Thacher
Partner, Asset Management Regulatory and Enforcement; former Co-Chief of the SEC’s Asset Management Unit
Justin L. Browder, Simpson Thacher
Partner, Asset Management Regulatory and Enforcement
Michael J. Osnato, Jr., Simpson Thacher
Partner and Head of the Firm’s Asset Management Regulatory and Enforcement Practice; former Chief of the SEC’s Complex Financial Instruments Unit
Contact Us
To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.
This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.
