
Series
SEC Disclosure Modernization Initiative
The US Securities and Exchange Commission voted unanimously on Wednesday 26 October at an open-meeting to adopt a new approach to shareholder and investor communications by registered open-end funds and exchange-traded funds.
This series page is designed to keep you up to date on this game-changing approach to investor communications. Here, you will find the latest alerts, webinars, and other tools prepared by our Asset Management and Investment Funds lawyers to help you prepare to implement the new rules.
Our Asset Management and Investment Fund lawyers also have been quoted by and published in industry publications on this topic. Links to these articles are available at the “Read more” link below.
- Tailored Shareholder Reports, The Investment Lawyer, January 2023 (contributed article)
- What To Know About SEC Shareholder Disclosure Reforms, Law360, 28 October 2022 (contributed article)
- New SEC Rule Revamps Fund Docs, E-Delivery, Ignites*, 27 October 2022 (media mention)
- Boards: Expect to Talk About New Shareholder Reports, Fund Board Views*, 27 October 2022 (media mention)
- SEC Tightens Mutual Fund Reports, Seeks New Adviser Rules, Law360*, 26 October 2022 (media mention)
*Subscription may be required to view content.
Thought Leadership
On 3 July 2025, the House passed the Senate’s version of H.R. 1, the budget reconciliation bill formerly known as the “One Big Beautiful Bill Act”.
On 30 June 2025, both the US Department of Energy and the Federal Energy Regulatory Commission announced revisions to their respective National Environmental Policy Act procedures to speed up the permitting process for energy infrastructure.
On 23 April 2025, the European Commission has issued its first ever fines under the Digital Markets Act (DMA): a €500 million fine on Apple for violation of the DMA’s prohibition of anti-steering provisions for app stores, and a €200 million for Meta’s “pay or consent” model that was found to be a violation of the DMA’s requirement of seeking user consent for gatekeepers before combining user data between their different services.
In May 2025, Washington Governor Bob Ferguson signed into law several bills that will impact both individual and business taxpayers.