The Regulatory Roundtable

At the Table: The SEC's New Era of Rulemaking and Exam Priorities

Tue, 16 Sep 2025 09:00:00 -0400

This episode delves into the SEC’s current Commission, now a 3-1 majority, its application of regulations in rulemaking and exam priorities, and its approach to exam remediation. We examine impacts of new directors, recent asset management enforcement actions and overall trends, what we are seeing in exams within the context of registered funds and private funds, and the meteoric rise of retail access to alternative funds which we expect to be the SEC’s focus in the future.

Episode Resources:

09.04.25 Simpson Thacher SEC Watch: Monthly Takeaways for Asset Managers - September 2025

08.12.25 Simpson Thacher Partners Author Bloomberg Law Article on Potential Enforcement Changes to SEC Advisers Act Rule 206(4)-8

07.15.25 SEC Drops First Ever Liquidity Rule Suit Against Mutual Fund Adviser and Officers and Trustees

Meet Your Episode Hosts:

Adam S. Aderton, Simpson Thacher

Partner, Asset Management Regulatory and Enforcement; former Co-Chief of the SEC’s Asset Management Unit

Justin L. Browder, Simpson Thacher

Partner, Asset Management Regulatory and Enforcement

Michael J. Osnato, Jr., Simpson Thacher

Partner and Head of the Firm’s Asset Management Regulatory and Enforcement Practice; former Chief of the SEC’s Complex Financial Instruments Unit

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

At the Table: SEC’s Focus on Artificial Intelligence

Wed, 22 May 2024 03:00:00 -0400

In the latest episode of The Regulatory Roundtable, co-produced with Simpson Thacher’s The Funds Channel, we discuss the SEC’s focus on artificial intelligence, including in exams and the recent settlements with two investment advisers in connection with their statements regarding their use of artificial intelligence, and considerations for looking ahead.

Episode Resources:

5/2/24 SEC Examination Lessons Learned During the Biden/Gensler Era and Looking Ahead

4/18/24 Compliance Policies Update Hot Topics

3/19/24 SEC Fines Two Investment Advisers for “AI Washing”

11/1/23 White House Issues Landmark Executive Order on Artificial Intelligence

Meet Your Episode Hosts:

Shannon M. O'Sullivan

Partner; host and moderator of The Funds Channel; concentrates on the formation and operation of a diverse platform of private funds

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

At the Table: Exploring the SEC’s Recently-Adopted Private Fund Adviser Rules

Wed, 27 Sep 2023 09:00:00 -0400

This episode focuses on the SEC’s new and amended rules targeting private fund advisers, which were adopted on August 23. In addition to reviewing the rules’ requirements—including some significant modifications from the rules that were proposed in February 2022—we discuss our expectations for fund advisers under the new rules and the ongoing litigation challenging them, as well as exam and enforcement observations.

Episode Resources:

9/12/23 SEC Marketing Rule Settlements Total 10 Before One Year Anniversary of Compliance Date

9/11/23 SEC Division of Examinations Releases Process-Focused Risk Alert—Exam Selection and Typical Categories of Document Requests

8/24/23 The Day Has Come: The SEC Adopts Private Fund Adviser Rules

Meet Your Episode Hosts:

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

At the Table: Exams and Enforcement – Focusing on Private Funds

Thu, 22 Jun 2023 03:00:00 -0400

In the latest episode of The Regulatory Roundtable, join us as we take a bird’s eye view of the current SEC private funds environment and what’s to come. Outlining policy and rulemaking, the increasingly challenging exam program, and the state of play on enforcement, we discuss the return to private funds as a marquee exam and enforcement priority.

Meet Your Episode Hosts:

Marc P. Berger, Simpson Thacher

Partner; former Acting Director and Deputy Director of the SEC’s Enforcement Division and Director of the SEC’s New York Office; former Chief of the Securities and Commodities Fraud Task Force, U.S. Attorney’s Office, SDNY

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

Michael J. Osnato, Jr., Simpson Thacher

Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

At the Table: Navigating the Global ESG Regulatory Landscape

Fri, 10 Mar 2023 09:30:00 -0400

In this episode we discuss global ESG trends and evolving regulatory frameworks, including the recent increase of proposed legislation in the U.S. concerning ESG investments; the SEC climate disclosure rule proposed on March 21, 2022; and the scope of reporting obligations under the EU Sustainable Finance Disclosure Regulation (SFDR), Corporate Sustainability Reporting Directive (CSRD), and U.K. Task Force on Climate-Related Financial Disclosures (TCFD).

Meet Your Episode Four Hosts:

Leah Malone, Simpson Thacher

Partner and leader of the Firm’s Environmental, Social and Governance (ESG) and Sustainability Practice; advises boards, management teams and investors on ESG and sustainability matters from conception through strategic implementation, oversight and reporting

Matt Feehily, Simpson Thacher

Counsel, Environmental, Social and Governance (ESG) and Sustainability; advises private equity firms, project sponsors, portfolio companies and corporations on the EU and U.K. regulatory frameworks for sustainable finance and ESG disclosures at product, firm and company levels

Emily B. Holland, Simpson Thacher

Counsel, Environmental, Social and Governance (ESG) and Sustainability; advises sponsors, companies and financial institutions on policy and business decisions relating to an evolving scope of ESG requirements and expectations in the U.S. and worldwide

Carolyn S. Houston, Simpson Thacher

Counsel, Private Funds; focuses on a wide array of asset classes, including ESG/impact investing and internal arrangements, as well as infrastructure, buyout, secondaries and co-investment

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

At the Table: Tackling Implementation of ESMA Marketing Guidelines and the SEC Marketing Rule

Thu, 29 Sep 2022 12:00:00 -0400

In this episode we discuss the emergence of new ESMA marketing guidelines; compliance with the SEC’s new marketing rule coming into effect November 4, 2022; and key takeaways of interest for sponsors operating in the EU and the U.S.

Meet Your Episode Three Hosts:

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

Owen Lysak, Simpson Thacher

Partner; leads the Firm’s European financial services and funds regulatory practice, advising private funds and alternative asset managers on complex U.K. and EU financial regulatory matters

Contact Us

To learn more, visit us at www.regulatoryroundtablepodcast.com and www.acaglobal.com/regulatory-roundtable-podcast. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

This podcast was recorded and is being made available by Simpson Thacher and ACA Group for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher and ACA expressly disclaim all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher and ACA make no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher or ACA Group.

At the Table: Discussing the SEC’s March Towards Granular Oversight of the Private Funds Industry

Wed, 02 Mar 2022 03:00:00 -0400

This episode focuses on the SEC’s February 9 proposed rules targeting private equity and private funds; the SEC’s January 26 proposed amendments to Form PF; and the Division of Examinations risk alert published January 27.

Meet Your Episode Two Hosts

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

Michael J. Osnato, Jr., Simpson Thacher

Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit

Robert Ingwer, ACA Group

Principal Consultant, Investment Adviser Division; compliance executive offering over 10 years’ experience building, supporting and leading advisory businesses in both private equity and fixed income

Contact Us

At the Table: Diving into the Regulatory Environment for Private Funds Following Chairman Gensler's Recent Remarks

Thu, 02 Dec 2021 03:00:00 -0400

The first in a series of discussions about complex regulatory, compliance, and enforcement issues at the forefront of industry and regulatory developments, this episode focuses on the SEC’s priorities relating to private funds, including SEC Chairman Gary Gensler’s recent speech at the ILPA Summit; emerging exam trends including document production, deficiency letters and MNPI concerns; and changes to the exam referral process over the last two years.

Meet Your Episode One Hosts

Marc P. Berger, Simpson Thacher

Allison Scher Bernbach, Simpson Thacher

Senior Counsel, Private Funds; former private equity Chief Compliance Officer; over 20 years of regulatory compliance experience

Michael J. Osnato, Jr., Simpson Thacher

Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit

Robert Ingwer, ACA Group

Contact Us

To learn more, visit us at https://www.stblaw.com/regulatory-roundtable-podcast and https://www.acaglobal.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

Welcome to The Regulatory Roundtable

Tue, 30 Nov 2021 03:00:00 -0400

Simpson Thacher invites you to The Regulatory Roundtable, a quarterly podcast series offering insight from leading regulatory and enforcement lawyers.

With increased regulatory scrutiny from the SEC and other agencies, staying on top of regulatory trends has never been more important. This podcast will take you behind the scenes on important policy, exam and enforcement issues affecting funds and the asset management industry.

Each episode will feature leading attorneys with deep knowledge of the funds regulatory landscape who will explore today’s most complex regulatory and compliance issues. We look forward to having you join us at the table. The Regulatory Roundtable.