• |

    Aug. 20, 2026

SEC Reg Flex Agenda Hints at Atkins’ Deregulatory Rulemaking Priorities

The SEC has announced its 2026 Agency Rule List, or so-called “Reg Flex” agenda, detailing anticipated rulemaking efforts at the proposal and pre-rule stages. The agenda is notable for its deregulatory thrust – consistent with public statements from SEC Chairman Paul S. Atkins – which, if enacted in its entirety, would reform or eliminate a number of burdensome rules and requirements that fund managers are currently forced to navigate. Beyond reducing unnecessary regulatory requirements, certain of the proposed rules aim to advance the retailization of private markets that Atkins has advocated for throughout his tenure. The rule proposals with the greatest potential impact on the private funds industry include updating exempt offering pathways, enhancing retail exposure, amending bookkeeping requirements, reforming the Pay to Play rules, streamlining Form PF reporting and modernizing applicable custody rules. This article details the status of the SEC’s ongoing and future rulemaking efforts; examines the rule proposals that stand to have the greatest impact on the private funds industry; and offers practical takeaways for fund advisers based on interviews with assorted legal experts. See “SEC’s Latest Enforcement Results and Budget Request Affirm Focus on Fraud” (Jun. 11, 2026); and “SEC’s Approaches to Exams, Enforcement and Retailization Under Atkins” (Jun. 11, 2026).

Central Bank of Ireland’s AIF Rulebook Overhaul Significantly Enhances Framework for Alternative Assets

The Central Bank of Ireland (CBI) published updates to its rulebook governing alternative investment funds (AIFs) and AIF managers in Ireland that became effective on May 6, 2026. In addition to aligning the Irish regime with key elements of the updated version of the E.U.’s Alternative Investment Fund Managers Directive, the reforms target items that should help bolster Ireland’s status as a fund domicile among fund managers – particularly those focused on PE and private credit. In a guest article, Ogier partner Oisin McClenaghan offers useful context around Ireland’s status as a domicile for the private funds industry; the key role the investment limited partnership vehicle has played in spurring interest in the jurisdiction; and a detailed breakdown of the key changes to the AIF Rulebook by the CBI that will impact PE and private credit managers. See our two-part series “Holistic Evaluation of Innovations Intended to Propel the Irish Private Funds Framework”: Part One (Jul. 12, 2022); and Part Two (Jul. 19, 2022).

Managing Co‑Investment Conflicts of Interests When Deals Are Stressed

Potential conflicts of interest in a co‑investment arrangement rarely raise actionable concerns when an asset is performing. Harder questions from investors surface, however, when a deal is stressed – e.g., when a portfolio company needs rescue financing; when a down round dilutes earlier investors; or when a sponsor must decide whether its main fund and a co‑investment vehicle will be treated identically on exit. At those moments, a sponsor’s pre-commitment disclosures, written policies, conflicts-clearing mechanisms and written compliance records determine whether it can satisfy scrutiny from both its investors and the SEC. Those pressure points framed a MyLawCLE program about PE co‑investments featuring Willkie Farr partners Debra Franzese and Larissa R. Marcellino. This article parses the panelists’ insights on the conflict architecture of co‑investment structures; the side letter terms that allocate rights between a main fund and one or more co‑investors; common disclosure and compliance failures that draw SEC attention during examinations; and best practices that sponsors can adopt to withstand scrutiny. See our two-part series on co‑investment equity commitment letters: “Rising Prominence and Role in the Co‑Investment Process” (May 29, 2025); and “Key Terms and Negotiating Positions” (Jun. 12, 2025).

FSB Report Cautions Potential Cascading Market Risks Posed by Private Credit Vulnerabilities

The Financial Stability Board (FSB) has issued a Report on Vulnerabilities in Private Credit (Report) that highlights the growth and sophistication of the private credit industry while also warning against certain risks it poses to the global financial markets. “Private credit remains untested to a prolonged economic downturn and so warrants close attention,” cautioned the FSB. The Report focuses on significant potential vulnerabilities in private credit, including interlinkages between banks and private credit; credit quality, valuations and other potential borrower-related concerns; additional vulnerabilities including other market interlinkages, leverage, liquidity mismatches and industry concentration; and examples of how high-profile borrower defaults illustrate certain of the potential risks and vulnerabilities spelled out in the Report. This article parses relevant takeaways from the Report. See “Evolution of the Private Credit Industry and Ongoing Challenges” (Feb. 19, 2026).

Checklist for Contracting With AI Vendors to Mitigate Risks

In 2026, every vendor is effectively an artificial intelligence (AI) vendor, as the technology is embedded deeper into products and services, reshaping cybersecurity and contracting considerations. That shift is creating tension in negotiations, as vendors and customers both seek to reap AI’s business benefits. This checklist offers a structured approach to navigating those pressures, providing detailed advice for crafting vendor contracts involving AI tools and services. It includes preparatory steps for negotiations as well as six core AI-specific clauses to address risk. See “Contracting With Vendors to Mitigate Third-Party AI Risk” (Jul. 9, 2026).

Proskauer Adds Secondaries Expert in New York

Joshua M. Frankel has joined Proskauer as a partner in its private funds group and secondary transactions and liquidity solutions practice in New York. He advises sponsors, investors and financial intermediaries on a broad range of private capital and secondaries transactions, including single-asset and multi-asset continuation vehicles; tender offers; and other structured liquidity solutions. See our two-part series on multi-asset, multi-fund GP‑led transactions: “Traversing Potential Conflicts and LP Election Options” (Feb. 8, 2024); and “Ancillary Considerations and Regulatory Requirements to Weigh” (Feb. 22, 2024).

Most-Read Articles