United States: Securities

On 15 October 2026, the Securities and Exchange Commission approved amendments to FINRA Rule 2210 that will permit broker-dealers to include projected performance and targeted returns in certain investor communications.1

The SEC's Division of Corporation Finance has issued two new no-action letters expanding retail investor voting programs beyond the initial Exxon framework, allowing Goldman Sachs and Tesla to implement standing voting instruction programs. These letters enable retail shareholders to provide advance voting instructions aligned with management recommendations while maintaining certain investor protections...

The SEC's Division of Corporation Finance has issued a groundbreaking no-action letter to Tesla that significantly expands the scope of issuer voluntary retail voting programs beyond previous guidance. This development introduces new flexibilities including centralized multi-issuer hubs, standing instructions, and householding capabilities that could fundamentally reshape how retail shareholders participate in corporate governance.

The SEC has proposed amendments to custody rules under the Investment Advisers Act and Investment Company Act that extend beyond crypto assets to address longstanding practical challenges in traditional finance. These modernizations include eliminating PCAOB supervision requirements for private fund audits, codifying fund-of-funds delivery extensions, clarifying discretionary trading authority for non-DVP transactions, and rewriting broker-dealer custody rules for registered funds.

On September 30, 2026, the Securities and Exchange Commission (the “SEC”) published a series of proposals and related notices designed to expand access for individual investors to private markets. If adopted, the proposals would: (i) relax restrictions on performance-based compensation in regulated funds (including business development companies (“BDCs”)) and certain private funds...

The Securities and Exchange Commission has published notices aimed at modernizing the "accredited investor" definition, potentially introducing an accredited investor exam and expanding professional designations that qualify individuals for private market investments. These proposed changes could significantly broaden access to private capital markets beyond traditional wealth-based criteria by recognizing financial sophistication through knowledge-based qualifications.

August 2026 witnessed significant regulatory developments in the digital asset space, with the SEC proposing Regulation Crypto Assets to establish exemptions for crypto investment contracts while Congress debated the CLARITY Act. International regulators in the UK and Singapore also advanced frameworks for stablecoins and payment systems, reflecting a global push toward comprehensive digital asset oversight.

The SEC has proposed a comprehensive overhaul of transfer agent regulations that would formally recognize distributed ledger technology and blockchain-based recordkeeping systems within the existing regulatory framework. This modernization effort imposes enhanced operational, safeguarding, and compliance obligations while establishing technology-neutral standards that could significantly impact tokenization initiatives and digital asset market infrastructure.

The SEC's Office of the Chief Accountant and Division of Investment Management have issued guidance emphasizing rigorous valuation processes for private credit assets, particularly addressing fair value measurement challenges for illiquid instruments. This statement underscores the agency's heightened scrutiny of private fund managers' valuation practices, calling for enhanced documentation, robust calibration methods, and transparent investor disclosures that go beyond boilerplate language.