1. Facilitate Capital Formation In Alternative Investments and Private Funds For over 20 years, the Securities and Exchange Commission (SEC) Staff has limited closed-end funds from investing in private funds unless the closed-end funds are available only to accredited investors (or qualified purchasers). Also, for over 20 years, the SEC Staff has imposed a flat 15 percent-of-assets ceiling for investments by a closed-end fund in hedge funds and other private funds (for example, hedge funds or private equity funds) that are excluded from investment company regulation by virtue of section 3(c)(1) and/or section 3(c)(7) of the Investment Company Act of 1940 (Investment Company Act). It is unclear what the legal basis is for these limitations under the Investment Company Act or the rules thereunder. The new SEC leadership should consider changing these SEC Staff positions to provide retail investors access to private funds with all of the protections imposed under the Investment Company Act and Investment Advisers Act of 1940 (Advisers Act). 2. Revisit the Accredited Investor (AI) Standard One of the most common gateways to accessing alternative investments, including private funds, is for an investor to meet the AI Standard. The AI standard is the cornerstone of the private placement exemption in Regulation D, which is usually relied upon when marketing interests in private funds. The AI Standard was last updated and expanded in August 2020 (AI 2020 Final Rule) (e.g., to include, among others, natural persons holding in good standing certain professional certifications or designations, irrespective of income/net worth). However, the AI 2020 Final Rule stopped short of adopting other possible ways of revising (and expanding) the AI Standard that were discussed by the SEC in the proposing release. This includes a change that would permit investors whose assets are managed by registered investment advisers or broker-dealers to be treated as accredited investors and lower the asset and income thresholds in the definition of an accredited investor. As a result, the current AI Standard financial thresholds remain a significant component of the AI Standard and may no longer be an accurate proxy for an investor’s financial sophistication. The new SEC leadership should consider the following: revisiting the proposed changes to the AI Standard (never adopted in the AI 2020 Final Rule); and revising the AI Standard to incorporate further alternative means of establishing investor sophistication appropriate to allow investors to participate in private offerings of securities – this could be done via SEC rulemaking, including as a result of legislation authorizing and/or directing the SEC to take such action. 3. Address Unresolved Issues In the Custody Rule In February 2023, the SEC proposed significant amendments to the Custody Rule under the Advisers Act (Rule 206(4)-2)) (“Custody Rule Proposals”). To date, the SEC has not adopted the Custody Rule Proposals and, due to significant industry pushback, it is not anticipated that the Custody Rule Proposals will ever be adopted in their current form. Nonetheless, there are at least two significant unresolved matters with respect to the Custody Rule that could use clarification from the SEC under the new administration either in new proposed rule revisions or in other guidance. First, under the Custody Rule, an investment adviser with custody over client funds or securities generally needs to hold those assets at a “Qualified Custodian,” which typically means a bank or broker-dealer. However, there are many asset classes such as cryptoassets, certain privately offered securities, derivatives and loans that cannot easily and efficiently be custodied at a Qualified Custodian. It would be helpful to the investment management industry if the new SEC leadership considered providing additional exceptions to the Qualified Custodian requirements with respect to such assets. For example, one possible alternative would be for the SEC to allow registered investment advisers to adopt prescribed policies and procedures designed to protect client assets in cases where it is impracticable to custody such assets at a Qualified Custodian. Second, under the Custody Rule, an investment adviser is deemed to have “custody” of client assets if it has the authority to withdraw funds or securities from a client’s account. The SEC has provided a limited exception to this definition of custody for investment advisers that trade client securities on a delivery versus payment basis (DVP). DVP is a settlement procedure that requires a buyer’s cash payment for securities to be received at or before the seller’s delivery of securities. Most publicly traded securities settle on a DVP basis. However, many other securities do not settle on a delivery versus payment basis and where the investment management industry would benefit from clarity as to when and whether trading authority over such assets would cause an investment adviser to have custody (e.g., certain loan investments). 4. Rethink/Reform “Pay-to-Play” Rule The “Pay-to-Play” Rule under the Advisers Act (Rule 206(4)-5) has been widely criticized as being unduly punitive and inflexible. Under the rule, donations made by certain personnel of an investment adviser to candidates for, or incumbents in, state or local office who have the ability to hire, or influence the hiring of, the adviser by a government entity (e.g., a government pension plans) can trigger a two-year bar against the adviser receiving compensation from such government entities. Among other critiques levied against the rule: Its de minimis donation thresholds (which max out at a $350 donation per official, per election – lower in some cases) are so low as to impair legitimate political expression and far below the levels that raise reasonable concerns of undue influence. Although there is a limited exception for contributions that the donor claws back within 60 days of discovery, that exception cannot “cure” contributions in excess of $350, making it too circumscribed to be meaningful. Under the rule’s look-back provisions, donations made by newly hired personnel more than six months before joining an advisory firm are excepted from the rule, but not if that person will be involved in soliciting any clients for their new firm – even if the firm screens the new employee from soliciting or personally profiting from business connected with those prior donations. New SEC leadership should take a fresh look at the rule, which could include raising the associated de minimis thresholds and providing more practical “self-help” remedies for firms to cure inadvertent breaches without having to petition for SEC exemptive relief. More broadly, the SEC could reassess whether the “Pay-to-Play” rule is a necessary or appropriate tool for the agency to retain, or whether existing campaign finance and anticorruption regulations already effectively regulate the underlying issues that the rule was meant to address. 5. Offer Interpretive Guidance Rather Than Regulating by Enforcement The SEC, under the direction of Chairman Gary Gensler, has certainly been busy. There has been little surprise anymore when it comes to the extraordinary volume and pace of actual and potentially industry-shifting and complex matters arising from both SEC rulemakings and enforcement actions – many of which impact investment advisers. Considering the administration change, new SEC leadership and likely shifting regulatory priorities, the markets and industry participants would benefit from continued willingness at the SEC to consider requests for exemptive orders and interpretive guidance (where appropriate). For example, in late 2020, the SEC finalized rules governing marketing under the Advisers Act (Marketing Rule), as well as good faith determinations of fair value under the Investment Company Act (Fair Value). The SEC has brought enforcement actions under both rules, which at the same time have presented implementation and interpretive challenges and would benefit from additional Staff FAQ guidance (currently, the Staff has published four and two FAQs on the Marketing Rule and Fair Value rule, respectively). For example, the SEC Staff should: Consider, among other things, (i) harmonizing the FINRA advertising rule with the SEC’s Marketing Rule; (ii) providing guidance as to what the SEC Staff expects an adviser to do to establish that it reasonably believes hypothetical performance is useful and relevant to its clients; and (iii) clarifying when attribution analysis is considered investment performance that must be presented net of fees. Evaluate providing guidance/examples related to investments valued using level 2 inputs.Bears' Caleb Williams receives uplifting message from Vikings' Kevin O'Connellis sports betting legal in florida 。

American softball greats Cat Osterman and Lisa Fernandez are among the general managers who will lead teams in the new format of the Athletes Unlimited Softball League. Athletes Unlimited announced on Monday that four general managers and coaches have been selected for the league, which will start with a new touring format in June before becoming city-based in 2026. Games will be played in several cities in 2025, including Chicago and Wichita, Kansas. Kelly Kretschman will coach Osterman's team and Howard Dobson will coach Fernandez's squad. Jenny Dalton-Hill will be the general manager for a team coached by Stacey Nuveman-Deniz and Dana Sorensen will be the general manager for a squad Alisa Goler will coach. They will be part of an overall leadership group. It includes Kim Ng, the league's senior adviser in charge of launching the league, and advisers Osterman, Jennie Finch, Jessica Mendoza and Natasha Watley. "This unprecedented collection of general managers and head coaches, with their decades of elite softball experience, unique perspectives, and intense drive, sets the stage for AUSL to meet the moment to deliver an action-packed, world-class softball league that this sport has deserved for so long," Ng said. Fernandez, a three-time Olympic gold medalist, is associate head coach at UCLA. The Bruins have won five national titles in her 26 years on the staff, and she won two as a player for the team. Osterman is a three-time Olympian and was a four-time All-American at Texas. She won the Athletes Unlimited individual softball championship in 2020. Athletes Unlimited Softball has featured an individual format since 2020. This will be the first time it will have a traditional team-based league. There will be two seasons next summer, with the second maintaining the individual format. ESPN, the founding broadcast partner of the AUSL, will carry at least 30 games on its platforms. Each team will play 30 games. Team names and logos have not yet been determined.2026: Alhassan Doguwa echoes voice of Osun people — Adeleke’s aide

LONDON : Replacing Kop idol Juergen Klopp at Anfield looked to many like mission impossible for Dutchman Arne Slot when he was named as the German's successor in May. Now the appointment looks like a masterstroke halfway through his maiden Premier League campaign. Liverpool's 5-0 thrashing of West Ham United on Sunday put Slot's side eight points clear of surprise second-placed side Nottingham Forest and 14 ahead of champions Manchester City. They have lost only once in all competitions this season and Slot can look back on an almost perfect 2024. His Feyenoord side were unbeaten from the turn of the year to when he left as they finished runners-up to PSV Eindhoven. The only side to get the better of Liverpool this season are Nottingham Forest and the way Slot's side have ended the year, a 20th title for the club now looks in their grasp. "Compliments to Nottingham Forest. They were the one," Slot said after his side's rout of West Ham at the London Stadium. While Slot inherited a high-quality squad and has not had to instigate a major rebuild, the tweaks he has made to Liverpool's style have put them in total control of the table. They are a little more pragmatic than they were under Klopp's high-octane pressing game, but Slot has still retained Liverpool's attacking verve, evidenced by the fact they have scored 45 goals in 18 games including 14 in the last three. SALAH FACTOR The 46-year-old has benefited hugely from Mohamed Salah having what promises to be his best-ever season at Liverpool despite the ongoing saga of the Egyptian's contract talks. Salah's goal on Sunday took his tally for the season to 20 and his two assists mean he has been involved in 30 goals in 18 Premier League games for Liverpool this season. The 32-year-old Salah has been involved in 52 goals in all competitions in 2024 (29 goals, 23 assists), which is more than any other player in Europe's big five leagues. "Mo and the word extraordinary is something I've heard a lot in the last six months," Slot told reporters. "He truly deserves this and probably for the eight years, but I am involved in the last half-year. I don't think he keeps surprising us because we know what a player he is and we know he is able to do so. We can only hope he can keep bringing these performances in, but I would like to add that if he scores there's also a lead-up to him scoring. "So there are also other players that bring him into these positions, but if you bring Mo in these positions, he is extraordinary. Definitely." While Slot was delighted to see five different players on the scoresheet on Sunday, a first clean sheet in five games was equally satisfying after his side conceded nine goals in their previous four. "Clean sheets are one of the reasons why you win a lot. If every time you have to score two, three or four goals it is difficult," he said. "At the moment we do but it is not sustainable for a longer period of time. "Sometimes you need a win by keeping a clean sheet and scoring one or two."The Great Circle shines when it forgets about Indiana Jones

The eighth annual South Wales Health and Care Awards will be taking place on Wednesday, December 4. The ceremony at Rodney Parade will celebrate the health and care providers across South Wales, and the finalists have been revealed. Here are the finalists for GP of the Year, sponsored by Tovey Brothers Dr Okafor joined the Gwent UPC 24/7 service just over a year ago following completion of her GP training. Since joining she has worked tirelessly to ensure each patient contact is of the highest possible standard while maintaining a happy and friendly approach to all patients and colleagues. Her joyous attitude is contagious within her working environment and her positive and professional attitude is welcomed at all times. One nominee said: "When I was in a bad way Dr Edwards tried always to get me help with services that were required. She would phone me daily then as I got better weekly. This was often after the surgery closed and she really cared. If it wasn't for her, I wouldn't be alive now." Dr Annabelle Holtam Dr Annabelle Holtam works at Mount Pleasant in Chepstow and is also the South Monmouthshire Neighbourhood Care Network lead. She has initiated holistic reviews for patients, including a group meeting to discuss with other GPs and professional in the south of Monmouthshire more difficult cases. This approach ensures that the treatment provided is for the whole patient, taking into account mental and social factors, rather than just the symptoms of an illness.

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