Federal Judge Blocks Federal Trade Commission Noncompete Rule: The Wall Street Journal reports that on Tuesday a Texas federal judge permanently blocked the FTC's looming ban on noncompete agreements in employment contracts, setting aside the regulation with a conclusion that it's beyond the agency's authority.

The FTC may appeal.  

Alts 2024 Fundraising Totaled $67.3 Billion Through July: The DI Wire reports that alternative investment fundraising totaled approximately $67.3 billion through July, led by non-traded business development companies at an estimated $21 billion, interval funds at $15.7 billion and other private placements, including infrastructure and private equity offerings, at $11.3 billion, according to investment 

banking firm Robert A. Stanger & Co., Inc.

Securities & Exchange Commission’s Climate Rule Defended in Court
Filings: Pensions & Investments reports that more than 15 institutional investors and several environmental groups filed amicus briefs last week defending the SEC’s climate disclosure rule in the 8th U.S. Circuit Court of Appeals in

St. Louis.

Regulation Best Interest Compliance Focus of SEC Exams: Barron’s reports that brokers are still struggling to comply, but when SEC regulators come to examine a broker-dealer’s practice, they are going to want to see how the firm is  

complying with the rule package.

Billionaire Agrees to $2 million SEC Settlement: The DI Wire reports that billionaire activist investor Carl C. Icahn and his company, Icahn Enterprises (Nasdaq: IEP), have agreed to pay a combined $2 million to settle charges brought

by the SEC.

New Audit Liability Rules Approved By SEC: Reuters reports that the SEC on Tuesday voted 3-2 to approve new rules making it easier for an audit watchdog to 

hold people responsible for audit firms' violations.

Delaware Statutory Trust Fundraising Sluggish So Far This Year: The DI Wire reports that for the first six months of 2024, fundraising for DSTs – typically used to facilitate securitized 1031 exchanges – totaled just over $2.46 billion, putting them on pace to raise nearly $4.93 billion for the full year, which would be just a 2.28% 

decrease from 2023.

Harris Proposes Higher Taxes: MarketWatch reports that Vice President Kamala Harris, the Democratic presidential nominee, wants to raise taxes on higher earners and corporations, her campaign announced. Included are new limits on 1031 like-kind exchanges, ending carried-interest provisions and capital gains taxes on 

unrealized assets.

Industry Bracing for Policy Fight on Carried Interest: Pensions & Investments reports that financial industry trade groups are gearing up for an upcoming congressional fight over tax policy and are keen on preserving the carried interest 

provision they contend is critical to their industries’ ecosystem.

Schumer Vows SALT Deduction Cap Will End: The Hill reports that Senate Majority Leader Chuck Schumer (D-NY) told reporters Tuesday that he will not allow the Trump-era cap on state and local tax deductions to continue after its  

scheduled expiration at the end of next year.