
Series
SEC Fund of Funds Rule
The Securities and Exchange Commission (SEC) adopted new rule 12d1-4 under the Investment Company Act of 1940, as amended (1940 Act), designed to streamline the regulatory framework applicable to funds that invest in other funds (funds of funds). The new rule significantly reorders the current web of regulation applicable to fund of funds arrangements by subjecting most funds of funds to Rule 12d1-4. Accordingly, the SEC will rescind Rule 12d1-2 under the 1940 Act and certain of the currently effective individual exemptive orders for fund of funds arrangements.
Rule 12d1-4 will be effective 60 days after publication in the Federal Register. The rescission of Rule 12d1-2 and the existing exemptive orders will be effective one year after the effective date of Rule 12d1-4.
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Thought Leadership
In the first part of 2025, New York joined other states, such as Colorado, Connecticut, New Jersey, and Texas, seeking to regulate artificial intelligence at the state level.
On 2 April 2025, President Trump announced a series of “reciprocal” tariffs on US imports from all countries. The tariffs apply at different rates by country, starting at a baseline of 10% and reaching as high as 50%.
Starting on 30 June 2024, with the application of the first of two introduction phases of the Regulation on Markets in Crypto-assets across all member states of the European Union, the EU has introduced for the first time a harmonized regulatory framework as well as accompanying passporting rights for service providers of the crypto-asset market, affecting both traditional institutions of the financial sector and new players emerging in the crypto-ecosystem.
The Hon. Jim Chalmers MP, Federal Treasurer and the Hon. Clare O'Neil MP, Minister for Housing, Minister for Homelessness issued a joint media release on 16 February 2025 titled "Albanese Government clamping down on foreign purchase of established homes and land banking".