Articles + Publications November 20, 2025

Investment Management Update – Q3 2025

Written by

Joseph V. Del Raso John P. Falco John M. Ford Genna Garver Terrance James Reilly Joseph T. Cataldo Theodore D. Edwards DeJuawn "DJ" Griffin Michael Matthews Matthew A. Ramsey James L. Severs Taylor M. Williams Barbara H. Grugan

Related professionals

Stephanie Pindyck Costantino John M. Ford Genna Garver Christopher A. Rossi Paul A. Steffens

In This Update

Covering legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended September 30.

Rulemaking and Guidance

  • SEC and CFTC Extend Form PF Compliance Date to October 1, 2026
  • FINRA Requests Comment on Modernizing FINRA Rules, Guidance and Processes to Facilitate Capital Formation
  • FINRA Adopts Exemption From FINRA Rules 5130 and 5131 for Business Development Companies
  • FINRA Reminds Members and Associated Persons, Wherever Located, of Their Obligation to Comply With Rule 8210
  • SEC OKs Dual Classes of Shares for Mutual Funds and Exchange Traded Funds (ETF)

SEC and SRO News

  • SEC Names Judge Margaret Ryan as Director of the Division of Enforcement
  • SEC Names James Moloney as Director of the Division of Corporation Finance

Click here to read this issue.

Troutman Pepper Locke’s Investment Management Group serves a wide range of businesses in the investment management community. Our practice involves three general areas: representation of registered investment companies and registered investment advisors, representation of alternative investment funds and investors in alternative products, and counseling regarding securities regulation, enforcement and litigation. Contact any of our professionals if you have questions about this update or any other investment management issues.

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