united states – Global Investment Law Watch

United States: Time to Get Cross

Oct 09 2026

By: Thoreau A. Bartmann and Lance C. Dial

It’s been a rocky road for cross trading fixed-income securities by mutual funds.

Before 2020, when the Securities and Exchange Commission (SEC) adopted the valuation rule, the primary challenge was that Rule 17a-7’s pricing requirements were difficult to implement. Then the valuation rule made such trading far more difficult, effectively carving most fixed-income securities out of Rule 17a-7 altogether. At that point, funds missed the days when it was merely difficult to cross trade fixed-income securities!

United States: SEC Proposes Modernization Overhaul of Transfer Agent Rules

Sep 16 2026

By Jon Luc Dupuy and Timothy Foley

The SEC is proposing to substantively overhaul the securities transfer agent regulatory framework, which has largely remained unchanged since the paperwork-based system of the mid-1970s. Since this time, modern-day transfer agent operations have expanded in scope and complexity, outpacing rules mainly established prior to the advent of the Internet. Many of the SEC’s proposed changes are designed to technologically neutralize the rules for adaptation to the modern environment, including utilization of distributed ledger technology. However, there are several changes that fund advisers and their transfer agents should specifically note:

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