The SEC published its 2026 Regulatory Agenda on July 7, which reinforces priorities established by Chairman Paul Atkins. In his announcement of the agenda, Atkins restated his commitment to returning the agency to its core mission of protecting investors; facilitating capital formation; and maintaining fair, orderly, and efficient markets, noting the importance of embracing innovation and new technology, revitalizing public markets, and facilitating retail investor participation in private markets while preserving investor protection. We believe the most noteworthy items on this newly announced rulemaking agenda for investment advisers and private funds are the following, and importantly, that there is no sign that the abandoned private fund adviser rules (PFAR) will be resuscitated. While the agenda is instructive, it may be a challenge to push all this rulemaking through before the next election, which could bring a change in leadership and priorities at the SEC.

• Form PF reporting requirements - Increasing the filing threshold from $150 million to $1 billion and reducing reporting burdens for smaller private funds, while laying the groundwork for potential private credit-specific reporting and focusing the Form on requesting information particularly relevant to systemic risk indicators (as proposed in April 2026)

• Pay-to-play rule reform - Potential amendments to reduce compliance burdens related to the controversial rule

• Investment adviser recordkeeping - Modernizing the requirements around the scope of electronic communications and other records requiring maintenance

• Custody rule updates - Improvements and modernization to address crypto assets and remove certain outdated provisions

• Form SHO - Potential amendments to reduce costs and burdens to institutional managers associated with Reg SHO and Form SHO filing requirements

• Digital assets and emerging technologies - Rulemaking and potential exemptions related to the offer, sale, and trading of crypto assets

• Private market access - Facilitating capital formation and access to private offerings, including potential amendments to the definition of accredited investor

• Broker-dealer registration - Reconsideration of the status of "finders" and the scope and exceptions from the term "dealer," which may allow certain activities without triggering broker-dealer registration