Investment Funds Update

Banner Two Weeks at SEC for Funds and Advisers: Rethinking Retail, Crypto Custody, Cross Trading, and More

October 14, 2026

The SEC closed its September 30 fiscal year with a bang, proposing amendments to update the interval fund rule, expand performance fee options for registered funds and advisers, and create new paths to accredited investor qualification — in eight separate rule releases, all under the heading of “responsible retailization.” The next day the SEC followed with proposals for fund and adviser custody of crypto assets. A week later came a long-awaited proposal to expand the assets eligible for cross trading by registered funds. In the same packed period, the SEC staff published guidance on valuation of private assets and a new SEC Exam Handbook. What to make of this? Approaching the halfway mark for the current administration, the agency is clearly in high gear and laser focused on rulemaking for the asset management industry.

Related Sidley Updates

SEC Publications

Emily Picard, Etherial Edetan, Matthew Dutton, Jillian Leavey, Gaelle Pierre-Louis, and Claudia Woodfield contributed to the Sidley Updates cited.

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