BRAEDEN ANDERSON
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We provide authoritative analysis on securities and commodities regulation, SEC and FINRA enforcement, and legal developments affecting crypto, digital assets, fintech, and financial services, authored by Braeden Anderson.
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SEC Updates Dollar Threshold for Qualifying Venture Capital Funds: What It Means for the Industry
On August 22, 2024, the Securities and Exchange Commission (SEC) adopted a new rule that updates the dollar threshold for a fund to be considered a "qualifying venture capital fund" under the Investment Company Act of 1940. The rule raises the threshold from $10 million to $12 million in aggregate capital contributions and uncalled committed capital, reflecting inflation adjustments mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.
The Aftermath of PFAR’s Demise: Navigating Private Equity Compliance in a New Regulatory Landscape
The recent vacating of the Securities and Exchange Commission’s (SEC) Private Fund Adviser Rules (PFAR) by the Fifth Circuit Court has sent ripples through the private equity (PE) industry. What was initially viewed as a burdensome regulatory overhaul for PE firms is now seen as a moment of reprieve, but also a pivotal point that raises larger questions about the future of SEC oversight. While many private equity firms are breathing a sigh of relief, this regulatory pause is unlikely to signal the end of increased scrutiny from the SEC. In fact, firms may need to prepare for a more nuanced and evolving approach to compliance in the wake of PFAR’s collapse.
Navigating the Complexities of Rule 13f-2 Compliance: Preparing for New Data Management Challenges
As the clock ticks down toward the January 2025 compliance deadline for SEC Rule 13f-2, institutional investment managers face an unprecedented regulatory challenge. This new rule, aimed at increasing transparency around short-selling activities, represents a significant shift from existing reporting frameworks, leaving firms grappling with how to overhaul their data management and reporting systems.
Strengthening Whistleblower Protections: SEC Enforcement and Key Actions for Companies
On September 9, 2024, the U.S. Securities and Exchange Commission (SEC) announced settlements with seven public companies for violations of whistleblower protections under Rule 21F-17 of the Securities Exchange Act of 1934. This latest enforcement action underscores the SEC's growing commitment to ensuring whistleblowers can report potential securities violations without fear of retaliation or obstruction. Companies are now called to reassess their policies to comply with these important protections.
SEC Adopts Amendments to Regulation NMS: New Minimum Pricing Increments, Reduced Access Fee Caps, and Enhanced Order Transparency
On September 18, 2024, the U.S. Securities and Exchange Commission (SEC) announced significant amendments to Regulation NMS (National Market System) aimed at improving market quality, reducing transaction costs, and enhancing transparency in equity markets. These changes, which address minimum pricing increments (tick sizes), access fee caps, and the visibility of better-priced orders, mark a major shift in the regulatory landscape designed to foster competition and protect investors.