NEWS AND ADVOCACY

The Alternative & Direct Investment Securities Association (ADISA) submitted a comment letter supporting the Ohio Division of Securities’ proposed revisions to Rule 1301:6-3-09, which improve investor access to non-traded real estate investment trusts and non-traded business development companies. However, ADISA recommends modifying the rule to allow separate 10% investment limits for each product type rather than a combined cap. 

ADISA submitted a comment letter to the Financial Industry Regulatory Authority in response to Regulatory Notice 24-17, including recommendations for the expansion of safe harbor provisions and their alignment with the North American Securities Administrators Association's real estate investment trust guidelines.

FINANCIAL INDUSTRY AND REGULATION 

FINRA Launches “Broad” Rule Review, Invites Comments: AdvisorHub reports that FINRA is undertaking a “broad review to modernize” its rules and is reaching out to the almost 3,300 broker-dealers that it oversees for feedback, according to a notice posted last week.

Supreme Court Declines to Stop FINRA Proceeding: Reuters reports that the U.S. Supreme Court declined last week to halt a FINRA proceeding to expel one of its members, broker-dealer Alpine Securities, in a case challenging the constitutionality of the Wall Street's self-regulator's enforcement power.

DST Fundraising Has Steady Start: AltsWire reports that the equity raise for Delaware statutory trust offerings in February 2025 was approximately $531.2 million, a 12.5% slide from the $607.1 million equity raised in January, according to Mountain Dell Consulting. However, the consulting firm’s outlook is positive.

SEC Make Solicitation Easier for VC, Private Equity: Axios reports that the Securities and Exchange Commission has issued new general solicitation guidance that makes the process much less onerous for private equity and venture capital.

Compliance Date Extended for SEC Names Rule: AltsWire reports that the SEC has announced a six-month extension of the compliance dates for amendments adopted in September 2023 to the Investment Company Act of 1940 “Names Rule,” designed to prevent investment funds from misleading investors with deceptive titles.

Crypto Custody Rule Alternatives Considered: PYMNTS reports that the SEC is considering alternatives to a rule that would extend investment advisers' custodial requirements to crypto, including scrapping the rule altogether.

IRS Tightens Crypto Reporting Rules: Financial Advisor reports that the Internal Revenue Service has changed how taxpayers report crypto holdings and has made cryptocurrency transactions subject to third-party reporting — meaning that crypto holders will begin receiving a new tax form and the IRS will know more about transactions.

SEC Issues New Marketing Rule Guidance: ThinkAdvisor reports that the SEC has released updated guidance on its marketing rule, answering questions on the net performance requirement as it relates to abstracted performance as well as determining whether certain portfolio or investment characteristics are performance.

POLICY AND LEGISLATION

President Signs Bill Funding Federal Government: The Hill reports that President Trump signed the Republican-crafted spending bill to avert a government shutdown last weekend, funding the government through Sept. 30.

Two FTC Commissioners Fired by the President: The Wall Street Journal reports that President Trump fired the Federal Trade Commission’s two Democratic commissioners on Tuesday, the latest moves in his campaign to exert more control over independent government agencies.