IRS Targeting Advisors Helping Clients With Donor Advisor Funds: Financial Advisor Magazine reports that the Internal Revenue Service wants to expand the definition of donor advisors to include registered investment advisers who assist clients with the selection and ongoing management of donor advisor fund

assets.

Reg BI Has Resulted in 42 Cases After 5 Years: Financial Planning reports that after nearly five years since the Security and Exchange Commission's adoption of Regulation Best Interest there have been 42 cases brought under Reg BI's 

provisions and millions in fines.

Concern Grows as FINRA Remote Supervision Ends: AdvisorHub reports that compliance officials are feeling concerned as the Financial Industry Regulatory Authority’s pandemic-era reprieve on in-person inspection requirements for branch 

offices expires on May 31.   

Alt Investment Fundraising Up to $37.9 Billion Thru April: The DI Wire reports that alternative investments fundraising totaled nearly $37.9 billion through April led by non-traded business development companies at an estimated $11.6 billion, interval funds at $8.8 billion and other private placements, including infrastructure and private equity offerings, at $7.5 billion, according to the latest data reported by 

investment bank Robert A. Stanger & Co.

Schwab Launching New Alt Platform: The Wall Street Journal reports that Charles Schwab plans to launch an alternative investments platform for individual investors this year, including categories such as private equity, venture capital,

private credit and hedge funds.

House Budget Votes to Tighten Regulatory Offsets: CQ/Roll Call reports that the House Budget Committee last week approved five bills generally aimed at curbing U.S. debt growth and regulation by requiring federal agencies to offset more of the

rules and administrative actions they propose. 

Senate Voted to Kill SEC Custody Rule: Axios reports that the Senate last week voted 60-38 to join the House in striking down the SEC's staff accounting bulletin 

121, which details custody rules for cyber assets. 

Yellen Says US Opposes Global Tax On The Rich: The Wall Street Journal reports that the U.S. opposes a proposed global wealth tax on billionaires, Treasury Secretary Janet Yellen said, rejecting an idea floated by Brazil, France and other 

nations to tip the economic scales away from the megarich. 

SEC Reform Bills Advance in House: Pensions & Investments reports that the House Financial Services Committee last week advanced a series of bills aimed at reforming the SEC, including one to have at least 60-day comment periods. 

House Passes Crypto Bill Despite SEC Warning: Reuters reports that the U.S. House of Representatives on Wednesday passed a bill that aims to create a new legal framework for digital currencies, despite an unusual warning from the SEC

that it could create new financial risks.