Global Trustee and Fiduciary Services Bite-Sized Issue 5 2026

15 QUICK LINKS AI CRYPTOASSETS CYBER EMIR FINTECH FUND LIQUIDITY MICA SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2026 NORTH AMERICA SEC Broadens Co-Investment Relief On 28 April 2026, the Securities and Exchange Commission (SEC) issued a no-action letter confirming it would not recommend enforcement action under Sections 17(d) and 57(a)(4) of the Investment Company Act of 1940, as well as Rule 17d-1 thereunder, if an open-end fund, whose primary adviser or sub-adviser is an Adviser relying on a co-investment exemptive order as a Regulated Fund, participates in co-investment transactions, subject to compliance with the conditions of the co-investment exemptive order. The SEC says that the no-action letter also provided relief allowing a board to satisfy its approval requirements under the co-investment exemptive order by delegating these responsibilities to a committee of the board, with such committee consisting of three independent directors. Link to SEC Letter here CFTC Reaffirms Exclusive Jurisdiction Over Prediction Markets in Massachusetts Supreme Judicial Court Filing On 24 April 2026, the Commodity Futures Trading Commission (CFTC) filed an amicus brief in the Massachusetts Supreme Judicial Court, confirming the CFTC’s exclusive jurisdiction over the U.S. commodity derivatives markets, including event contract markets commonly referred to as prediction markets. The CFTC says that the amicus brief outlines the history and structure of the Commodity Exchange Act and describes how the comprehensive scheme designed by Congress preempts state laws as applied to CFTC-regulated markets. The CFTC also filed a suit in the state of New York seeking a declaratory judgment that federal law grants it exclusive authority to regulate event contracts and requested a permanent injunction preventing the state from enforcing preempted state laws against its registrants. These filings are a part of the CFTC’s broader effort to protect its jurisdiction over prediction markets from an ongoing campaign of state encroachment. The CFTC says that its action builds upon ongoing efforts to affirm its exclusive jurisdiction over CFTC-registered designated contract markets that offer trading in event contracts. Link to CFTC Press Release 9219-26 here Link to CFTC Press Release 9218-26 here SEC and CFTC Jointly Propose Amendments to Reduce Private Fund Reporting Burdens On 20 April 2026, the SEC and CFTC jointly proposed amendments to reduce private fund reporting burdens while enabling the continued collection of necessary and appropriate information. The SEC and CFTC have proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers, to private funds, including those that also are registered with the CFTC as commodity pool operators or commodity trading advisors. Form PF collects information designed to facilitate the Financial Stability Oversight Council’s (FSOC) monitoring of systemic risk in the financial markets. The SEC and CFTC use the information collected on Form PF in their investor protection efforts. The jointly proposed amendments would eliminate filing requirements for smaller advisers, who represent almost half of the advisers currently required to file Form PF, by raising the filing threshold fromUSD150 million in private fund assets under management to USD1 billion. The proposal would also raise the exposure reporting threshold for “large” hedge fund advisers fromUSD1.5 billion in hedge fund assets under management to USD10 billion. The SEC says that Form PF would continue to obtain information on over 90% of private fund gross assets and require detailed exposure information for funds managed by large hedge fund managers. In addition, the proposed amendments to Form PF would enable a method to identify funds that are active in the private credit market. In addition to amending these thresholds, the joint proposal would eliminate or streamline many Form PF requirements, significantly reducing burdens for advisers required to file Form PF.