Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 NOVEMBER 2025

Ropes & Gray's Investment Management Update September – October 2025

Ropes & Gray LLP
Ropes & Gray LLP
Contributor
Ropes & Gray LLP

Ropes & Gray LLP

Ropes & Gray is one of the world’s most respected law firms, with offices in key business and...

View firm profile
Explore more from Ropes & Gray LLP

On September 30, 2025, the SEC Division of Investment Management (the "Division") issued a no-action letter permitting certain state trust companies (a "State Trust Company")...

United StatesStrategy
Ropes & Gray LLP'S Investment Management Practice Group
Ropes & Gray LLP'S Investment Management Practice Group
Author LinkedIn connections

The following summarizes recent legal developments of note affecting the investment management industry:

SEC Permits State Trust Companies to Custody Registered Funds' and Adviser Clients' Crypto Assets

On September 30, 2025, the SEC Division of Investment Management (the "Division") issued a no-action letter permitting certain state trust companies (a "State Trust Company") – each a legal entity organized under state law that is (i) supervised and examined by a state authority having supervision over banks and (ii) permitted to exercise fiduciary powers under applicable state law – to serve as custodian for registered funds and advisers with respect to crypto assets.

Background. Sections 17(f) and 26(a) of the 1940 Act and rules thereunder require registered funds to maintain their securities and similar investments with specified custodians, including most banks as defined in Section 2(a)(5) of the 1940 Act. Similarly, Rule 206(4)-2 under the Advisers Act

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

The Colorado AI Law You Prepared For Is Gone, And The Rulemaking Comment Window Closes October 26

If your Colorado compliance program is built around impact assessments, it is built for a statute that will never take effect. Senate Bill 24-205, the first comprehensive state AI statute in the country, was scheduled to take effect June 30, 2026. Colorado instead repealed and replaced it with Senate Bill 26-189, signed May 14, 2026, whose principal requirements apply to consequential decisions made on or after January 1, 2027.
United StatesStrategy
Jones Walker LLP
Jones Walker LLP
Article

White House Announces AI Responsibility Accord, Executive Orders, And Super Intelligence Task Force

The Trump Administration has introduced a voluntary regulatory framework for artificial intelligence through the White House Accord on Super Intelligence, signed by six leading tech companies. This new approach emphasizes corporate self-policing with safety audits and board oversight, while simultaneously rebranding government AI terminology and establishing a new interagency coordination force. How will this light-touch regulatory strategy balance innovation with mounting safety concerns as AI capabilities
United StatesStrategy
Crowell & Moring LLP
Crowell & Moring LLP
Article

The Protect College Sports Act Clears The Senate: What Stakeholders Need To Know

The U.S. Senate has passed the Protect College Sports Act by a 77-22 vote, marking the first time Congress has approved comprehensive federal legislation governing college athletics. This sweeping bill establishes a uniform NIL framework, locks in the House v. NCAA revenue-sharing model with caps and retention funds, grants limited antitrust exemptions, and imposes new transfer restrictions, health mandates, and reporting requirements.
United StatesStrategy
Duane Morris LLP
Duane Morris LLP
Article

California SB 574 Would Bar Attorneys From Delegating The Practice Of Law To Generative AI

California Senate Bill 574 proposes a groundbreaking statutory framework that would prohibit attorneys from delegating legal practice to generative artificial intelligence, while imposing disclosure requirements and verification standards across litigation, arbitration, and court filings. The legislation raises fundamental questions about how traditional definitions of "the practice of law" apply to AI-augmented legal work, from document review to contract analysis. If signed by Governor Newsom, California
United StatesStrategy
A&O Shearman
A&O Shearman
Article

Contract Lifecycle Management And Why Legal Teams Need It

Contract lifecycle management has become the most widely adopted legal technology tool in corporate legal departments, addressing fundamental challenges around contract visibility, workflow automation, and risk management. Legal operations expert Jeff Reisner breaks down the CLM landscape, implementation considerations, and why this technology has emerged as the foundational piece most legal teams tackle first when modernizing their operations.
United StatesStrategy
Axiom
Axiom